<SEC-DOCUMENT>0001213900-16-017345.txt : 20161104
<SEC-HEADER>0001213900-16-017345.hdr.sgml : 20161104
<ACCEPTANCE-DATETIME>20161006184052
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-16-017345
CONFORMED SUBMISSION TYPE:	DRS/A
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20161007
<PUBLIC-REL-DATE>20161104
DATE AS OF CHANGE:		20161024

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Therapix Biosciences Ltd.
		CENTRAL INDEX KEY:			0001611746
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1213

	FILING VALUES:
		FORM TYPE:		DRS/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-01364
		FILM NUMBER:		161925769

	BUSINESS ADDRESS:	
		STREET 1:		SCIENCE PARK, 18 EINSTIEN ST.
		STREET 2:		P.O BOX 4122
		CITY:			NESS-ZIONA
		STATE:			L3
		ZIP:			7414002
		BUSINESS PHONE:		972-8-9396577

	MAIL ADDRESS:	
		STREET 1:		SCIENCE PARK, 18 EINSTIEN ST.
		STREET 2:		P.O BOX 4122
		CITY:			NESS-ZIONA
		STATE:			L3
		ZIP:			7414002
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS/A
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
submitted on October 6, 2016 to the Securities and Exchange Commission</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>for
confidential review pursuant to the Jumpstart our Business Startups Act of 2012</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No. 333-</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Amendment No. 1 </B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form&nbsp;F-1</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THERAPIX
BIOSCIENCES LTD.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 32%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State&nbsp;of&nbsp;Israel</B></FONT></td>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2834</B></FONT></td>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-1281349</B></FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</I></FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>incorporation&nbsp;or&nbsp;organization)</I></FONT></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Primary&nbsp;Standard&nbsp;Industrial</I></FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Classification&nbsp;Code&nbsp;Number)</I></FONT></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(I.R.S.&nbsp;Employer</I></FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Identification&nbsp;Number)</I></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; 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: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dr.
    Elran Haber</B></FONT></td>
    <TD STYLE="width: 2%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="width: 49%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zysman,
    Aharoni, Gayer and</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
    Executive Officer</B></FONT></td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sullivan
    &amp; Worcester LLP</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5
    Azrieli Center (Square Tower)</B></FONT></td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1633
    Broadway</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel-Aviv
    6702501, Israel </B></FONT></td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York, NY 10019</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    +972-3-6167055</B></FONT></td>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    212.660.5000</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Address,
    including zip code, and telephone number,</I></FONT></td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Name,
    address, including zip code, and telephone</I></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>including
    area code, of registrant&rsquo;s principal executive</I></FONT></td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>number,
    including area code, of agent for service)</I></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>offices)</I></FONT></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copies
to:</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: 24%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Oded Har-Even, Esq. </B></FONT> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 24%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Yuval Horn, Adv.</B></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 24%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Gary Emmanuel, Esq.</B></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 24%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Shachar Hadar, Adv. </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Shy S. Baranov, Esq.</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Roy Ribon, Adv.</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Joe Williams, Esq. </B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Gross, Kleinhendler, Hodak, </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Robert V. Condon III, Esq.</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Yasmin Zohar, Adv.</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>McDermott Will &amp; </B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Emery LLP</B> </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Halevy, Greenberg &amp; Co. </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Zysman, Aharoni, Gayer and </B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Horn &amp; Co. </B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>340 Madison Ave.</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>One Azrieli Center </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Sullivan &amp; Worcester LLP</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amot Investment Tower </B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>New York, NY 10173</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel Aviv 67021, Israel </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>1633 Broadway</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>2 Weizmann St.</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel: 212.547.5400 </B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel: +972-3-607-4444 </B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>New York, NY 10019</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel-Aviv 6423902, Israel</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Fax: 212.547.5444</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Fax: +972-3-607-4470</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel: 212.660. 5000</B>&nbsp;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>Tel: +972-3-637-8200</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public:</B> As soon as practicable after the effective date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act, check the following box.&nbsp;&nbsp;&#9746;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) 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; &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;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;
&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;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;
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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&nbsp;8(a) of the Securities Act or until the Registration Statement shall become effective
on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.&nbsp;</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: #C00000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 is
not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; color: #C00000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #C00000"><B>PRELIMINARY
    PROSPECTUS</B></FONT></td>
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #C00000"><B>SUBJECT
    TO COMPLETION</B></FONT></td>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #C00000"><B>DATED OCTOBER 6, 2016</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt; color: #C00000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>American
Depositary Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 56.25pt; width: 192.75pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representing
Ordinary Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> We
are offering American Depositary Shares, or ADSs. Each ADS represents 20 of our ordinary shares, NIS 0.1 par value, or Ordinary
Shares. This is our initial public offering in the United States. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> The ADSs are traded
on the OTCQB under the symbol &ldquo;THXBY&rdquo;. On September 30, 2016, the last reported sale price of the ADSs was $4.01.
We intend to apply to list&nbsp;the ADSs on the NASDAQ Capital Market under the symbol &ldquo;TRPX.&rdquo; No assurance can be
given that our application will be approved. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> Our Ordinary Shares currently
trade on the Tel Aviv Stock Exchange, or TASE, under the symbol &ldquo;THXBY&rdquo;.&nbsp;On&nbsp;September 29, 2016, the last
reported trading price of our Ordinary Shares on the TASE was NIS&nbsp;0.77, or $0.21 per share (based on the exchange rate reported
by the Bank of Israel on such date). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left">We
are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and are subject
to reduced public company reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> <B>Investing in the ADSs
involves a high degree of risk.&nbsp; See &ldquo;Risk Factors&rdquo; beginning on page 5. You should carefully consider these
risk factors, as well as the information contained in this prospectus, before you invest.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> <B>None of the Securities
and Exchange Commission, the Israel Securities Authority or any state or other foreign securities commission has approved or disapproved
these securities or determined if this prospectus is truthful or complete.&nbsp; Any representation to the contrary is a criminal
offense.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&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="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Per ADS </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Total </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left"> Public offering price </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </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"> $ </TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Underwriting discounts and commissions (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Proceeds to us (before expenses) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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: 20px; padding: 0; font-size: 10pt; text-indent: 0"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; text-align: left"> <FONT STYLE="font-size: 10pt">In addition,
    we have agreed to reimburse the representative of the underwriters for certain expenses and to issue to the representative
    of the underwriters warrants to purchase a number of ADSs equal to 7% of the ADSs sold in this offering.     See
    &ldquo;Underwriting&rdquo; beginning on page&nbsp;113 for a complete description of compensation payable to the
    underwriters.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> We have granted a&nbsp;45-day
option to the underwriters to purchase up to an additional ADSs from us at the public offering price,
less the underwriting discounts and commissions, to cover over-allotments, if any. If the representative of the underwriters exercises
the option in full, the total underwriting discounts and commissions payable will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
and the total proceeds to us, before expenses, will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left"> The underwriters expect to deliver the ADSs
to purchasers in the offering on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2016. </P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 43.5pt; width: 106.5pt"> &nbsp; </P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> Sole Book Runner <BR>
Rodman &amp; Renshaw <BR>
a unit of H.C. Wainwright &amp; Co. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table&nbsp;of&nbsp;Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="toc"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 89%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">7</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">37</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    History of Our Ordinary Shares and ADSs</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">38</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">40</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Policy</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">40</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">41</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selected
    Financial Data </FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">42</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">44</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s
    Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">46</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">52</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">72</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    Ownership of Principal Shareholders and Management </FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">90</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    Party Transactions</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">92</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Share Capital</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">93</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of American Depositary Shares</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">98</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    Eligible for Future Sale</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">104</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">105</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">113</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">120</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">120</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">120</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforceability
    of Civil Liabilities</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">120</td></tr>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find Additional Information</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center">121</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index
    of Financial Statements</FONT></A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></td></tr>
</table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <B>You
should rely only on the information contained in this prospectus and any free writing prospectus prepared by or on behalf of us
or to which we have referred you. We have not authorized anyone to provide you with information that is different. We are offering
to sell the ADSs, and seeking offers to buy the ADSs, only in jurisdictions where offers and sales are permitted. The information
in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or
any sale of the ADSs.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investors outside of the United States: Neither we nor any of the underwriters have done anything that would permit this offering
or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in
the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the
distribution of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this prospectus, &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company&rdquo; and &ldquo;Therapix&rdquo; refer
to Therapix Biosciences Ltd. and its wholly owned subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Certain
figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain
tables may not be an arithmetic aggregation of the figures that precede them. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
reporting currency and functional currency is the New Israeli Shekel, or NIS.&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
report under International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board,
or the IASB.&nbsp;None of the financial statements were prepared in accordance with generally accepted accounting principles in
the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Until and including, 2016 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell, or trade the ADSs, whether or not participating
in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealer&rsquo;s obligation
to deliver a prospectus when acting as an underwriter and with respect to unsold allotments or subscriptions.&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> &nbsp; </P>


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<DIV STYLE="padding-right: 5; padding-left: 5; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><A NAME="a_001"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <I>This
summary highlights information contained elsewhere in this prospectus. This summary does not contain all of the information you
should consider before investing in the ADSs. Before you decide to invest in the ADSs, you should read the entire prospectus carefully,
including the &ldquo;Risk Factors&rdquo; section and the financial statements and related notes appearing at the end of this prospectus.</I> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Company</B></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a specialty pharmaceutical company</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">led by
an experienced team of senior executives and scientists, focused on creating and enhancing a portfolio of technologies and assets
based on cannabinoid pharmaceuticals. With this focus, we have initiated two internal drug development programs based on repurposing
a U.S. Food and Drug Administration, or FDA, approved synthetic cannabinoid (dronabinol): <I>Joint Pharma</I> developing THX-TS01
targeted to the treatment of Tourette Syndrome, or TS, and <I>BrainBright Pharma</I> developing THX-ULD01 targeted to the high
value and under-served market of mild cognitive impairments, or MCIs.</FONT> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
intend to seek FDA approval for the commercialization of our drug candidates through the Section 505(b)(2) regulatory pathway
under the Federal Food, Drug, and Cosmetic Act of 1938, as amended, or the FDC Act. The FDA&rsquo;s 505(b)(2) regulatory pathway
permits the filing of a new drug application, or NDA, where at least some of the information required for approval comes from
studies that were not conducted by or for the applicant, and for which the applicant has not received a right of reference. This
approach could expedite the development program for our product candidates by potentially decreasing the amount of clinical data
that we would need to generate in order to obtain FDA approval. In addition, with respect to our Joint Pharma program, we intend
to pursue orphan drug designation in the United States and Europe. In June 2016, we submitted a request for orphan drug designation
to the FDA for THX-TS01 for the treatment of TS. The FDA has indicated their intent to respond to our request within 120 days. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Joint
Pharma</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
Joint Pharma program is dedicated to developing a cannabinoid based drug for the treatment of TS, which is an inherited neuropsychiatric
disorder usually onset in childhood. TS is characterized by multiple physical (motor) tics and at least one vocal (phonic) tic.
Although TS and other tic disorders were once thought to be very rare, it has become increasingly apparent that they are common
conditions. While epidemiological study results may vary, according to the U.S. Centers for Disease Control and Prevention, or
the CDC, as of 2012, one out of every 360 U.S. children (about 138,000) aged six to 17 years had been diagnosed with TS in the
United States. To date, only three drugs have been approved by the FDA to treat TS, most of which are limited to treating only
a narrow range of TS symptoms (mainly tics). Additionally, the usefulness of these drugs is also limited, since they are associated
with severe side effects that have resulted in the need for a &ldquo;black box&rdquo; warning. In many cases &ldquo;off-label&rdquo;
use of prescription medications not approved for the indication are associated with unwanted severe side effects that, in our
opinion, are also detrimental. Therefore, we believe there continues to be a great need for more effective, safer medications
targeted at treating tics as well as other features of TS. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
believe our proprietary THX-TS01 drug candidate takes a unique approach to the treatment of TS. THX-TS01 is a combination drug
candidate based on two components: (1) dronabinol, an FDA approved synthetic analog of tetrahydrocannabinol, or THC, which is
the psychoactive molecule in the cannabis plant, and (2) palmitoylethanolamide, or PEA, which is an endogenous fatty acid amide
that belongs to the class of nuclear factor agonists, which are proteins that regulate the expression of genes. We believe that
the combination of THC and PEA may induce a reaction known as the &ldquo;entourage effect.&rdquo; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
basic tenet of the entourage effect is that cannabinoids work together, or possess synergy, and affect the body in a mechanism
similar to the body&rsquo;s own cannabinoid system, which is a group of molecules and receptors in the brain that mediates the
psychoactive effects of cannabis. This entourage effect may account for the pharmacological actions of PEA. Based on an activity
enhancement of other physiological compounds, PEA may indirectly stimulate the cannabinoid receptors by potentiating their affinity
for a receptor or by inhibiting their metabolic degradation, and by doing so, may increase the uptake of cannabinoid compounds,
such as THC. Thus, we believe that the presence of the PEA molecule likely increases the efficacy of orally administered THC,
while reducing the required dosage and decreasing associated deleterious adverse events. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have completed the preclinical phase of development of THX-TS01 and are preparing to conduct a proof of concept, or POC, Phase
IIa clinical trial in the United States, which is scheduled to begin in the fourth quarter of 2016. In addition, we expect to
initiate a Phase IIb clinical trial in Europe in the second quarter of 2017. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>BrainBright
Pharma</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
BrainBright Pharma program takes a unique approach to developing a treatment for MCI. MCI refers to the transitional state between
the cognitive changes of normal aging and very early dementia. It can involve problems with memory, language, thinking and judgment
that are greater than normal changes related to age. The prevalence of MCI increases with age, at a rate of 10% in those aged
70-79 years and 25% in those aged 80-89 years. There is no FDA approved treatment for MCI. As MCI is believed to represent an
early state of Alzheimer&rsquo;s disease, or Alzheimer&rsquo;s, several Alzheimer&rsquo;s treatments have been proposed for MCI.
However, Alzheimer&rsquo;s treatments are not currently widely recommended by the medical community for the routine treatment
of MCI, and have not been shown to delay or prevent the progression of MCI. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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<DIV STYLE="padding-right: 5; padding-left: 5; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
proprietary THX-ULD01 drug candidate is based on an ultra-low dose of FDA approved dronabinol. We believe that sublingual and
nasal administration of dronabinol are safe and effective delivery methods that will enhance the bioavailability, or the rate
and extent of the drug when it reaches the site of action, of an ultra-low dose dronabinol. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have compelling preclinical data that supports using an ultra-low dose of dronabinol to improve cognitive abilities. In the first
quarter of 2017, we intend to conduct a Phase I clinical trial to document the pharmacokinetic parameters of THX-ULD01 and to
evaluate drug safety. During the second half of 2017, we expect to initiate a POC Phase IIa clinical trial to evaluate safety,
tolerability and efficacy of THX-ULD01 in treating patients with cognitive impairment. In addition, we may conduct further preclinical
studies in parallel to our clinical plans as part of the development of our innovative pipeline and for registration purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to both our Joint Pharma and BrainBright Pharma programs, we intend to pursue a section 505(b)(2) regulatory path, which
may expedite the development of these programs by potentially decreasing the amount of clinical data that we would need to generate
in order to obtain FDA approval. We believe that the key benefits of this strategy include a relatively low scientific-technological
risk (compared to the risk of developing drugs based on new molecular entities) combined with relatively low costs and faster
time to market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to numerous risks, as more fully described in the section entitled &ldquo;Risk Factors&rdquo; immediately
following this prospectus summary. You should read these risks before you invest in the ADSs. In particular, our risks include,
but are not limited to, the following:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: .3in; text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">we are a development-stage specialty pharmaceutical company
    and have a limited operating history on which to assess our business, have incurred significant losses since our inception,
    including a net loss of NIS 117.4 million (approximately $30.5 million), and anticipate that we will continue to incur significant
    losses for the foreseeable future; </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we are unable to predict the extent of future losses or when
    we will become profitable based on the sale of any product, if at all. Even if we succeed in developing and commercializing
    our product candidates, we may never generate revenue to sustain profitability;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">the report of our independent registered public accounting
    firm indicates that there is significant doubt that we will be able to continue our business as a going concern, we have no
    source of revenue, and even if this offering is successful, we expect that we will need to raise additional funding before
    we can expect to become profitable from sales of our product candidates;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &#9679; </TD>
    <TD STYLE="text-align: left"> we are subject to administrative proceedings initiated by the Israel Securities Authority, or the ISA, relating
to our reports to the ISA and the TASE with respect to the termination of a license agreement we had with Ramot at Tel Aviv University
Ltd., or Ramot. In August 2016, the ISA filed an administrative letter of claims against us, our chairman and certain former officers,
alleging violations of the Israeli Securities Law, or the Securities Law, regarding our reports. If we do not prevail, we may be
subject to monetary and other sanctions, and we may become subject to a class action and/or derivative action lawsuit. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we are heavily dependent upon the success of our product candidates,
    which are in the early stages of development. We have not conducted any clinical trials, and we cannot provide any assurance
    that the FDA or other regulatory agencies will allow us to conduct clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our competitors may develop or commercialize product candidates
    faster or more successfully than us;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we may rely on third parties to help conduct our pre-clinical
    studies and clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we do not have any product candidates approved for sale by the
    FDA or any other regulatory agencies, and we cannot provide any assurance that any of our product candidates will receive
    regulatory approval;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">even if our product candidates receive FDA and other regulatory
    agency approval, our products will be subject to controlled substances laws and regulations, and any failure by us to comply
    with such laws and regulations could harm our reputation and operating results;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">if we are unable to obtain and maintain effective intellectual
    property rights for our technologies, product candidates or any future product candidates, we may not be able to compete effectively
    in our markets; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our future success depends in part upon our ability to retain
    our executive and scientific teams, and to attract, retain and motivate other qualified personnel.</FONT></TD></TR>
</TABLE>


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

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

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<DIV STYLE="padding-right: 5; padding-left: 5; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in Israel. Our principal executive offices are located at 5 Azrieli Center (Square Tower), 27<SUP>th</SUP> Floor,
Tel-Aviv 6702501, Israel. Our telephone number in Israel is +972-3-6167055. Our website address is http://therapixbio.com. The
information contained on, or that can be accessed through, our website is not part of this prospectus. We have included our website
address in this prospectus solely as an inactive textual reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Implications
of Being an Emerging Growth Company </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &ldquo;emerging growth company,&rdquo; as defined in Section&nbsp;2(a) of the Securities Act of 1933, as amended, or the
Securities Act, as modified by the JOBS Act. As such, we are eligible to, and intend to, take advantage of certain exemptions
from various reporting requirements applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;
such as not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of
2002. We could remain an &ldquo;emerging growth company&rdquo; for up to five years, or until the earliest of (a)&nbsp;the last
day of the first fiscal year in which our annual gross revenue exceeds $1&nbsp;billion, (b)&nbsp;the date that we become a &ldquo;large
accelerated filer&rdquo; as defined in Rule&nbsp;12b-2 under the U.S. Securities Exchange Act of 1934, as amended, or the Exchange
Act, which would occur if the market value of the ADSs that is held by non-affiliates exceeds $700&nbsp;million as of the last
business day of our most recently completed second fiscal quarter, or (c)&nbsp;the date on which we have issued more than $1&nbsp;billion
in nonconvertible debt during the preceding three-year period.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B>Implications
of being a Foreign Private Issuer</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> Upon
completion of this offering, we will be subject to the information reporting requirements of the Exchange Act that are applicable
to &ldquo;foreign private issuers,&rdquo; and under those requirements we will file reports with the SEC. As a foreign private
issuer, we will not be subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the Exchange
Act, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of
U.S. domestic reporting companies. For example, although we intend to report our financial results on a quarterly basis, we will
not be required to issue quarterly reports, proxy statements that comply with the requirements applicable to U.S. domestic reporting
companies, or individual executive compensation information that is as detailed as that required of U.S. domestic reporting companies.
We will also have four months after the end of each fiscal year to file our annual reports with the SEC and will not be required
to file current reports as frequently or promptly as U.S. domestic reporting companies. We may also present financial statements
pursuant to IFRS instead of pursuant to U.S. generally accepted accounting principles. Furthermore, although the members of our
management and supervisory boards will be required to notify the ISA, of certain transactions
they may undertake, including with respect to our ordinary shares, our officers, directors and principal shareholders will be
exempt from the requirements to report transactions in our equity securities and from the short-swing profit liability provisions
contained in Section 16 of the Exchange Act. As a foreign private issuer, we will also not be subject to the requirements of Regulation
FD (Fair Disclosure) promulgated under the Exchange Act. In addition, as a foreign private issuer, we will be permitted, and intend,
to follow certain home country corporate governance practices instead of those otherwise required under the listing rules of NASDAQ
Capital Market, or NASDAQ, for domestic U.S. issuers (See &ldquo;Risk Factors&nbsp;&mdash;&nbsp;Risks Related to the ADSs and
the Offering.&rdquo;) These exemptions and leniencies will reduce the frequency and scope of information and protections available
to you in comparison to those applicable to a U.S. domestic reporting companies. We intend to take advantage of the exemptions
available to us as a foreign private issuer during and after the period we qualify as an emerging growth company. </P>

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

</DIV>


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

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares currently outstanding</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary
    Shares</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSs
    offered by us</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs
    representing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; text-align: left"> <FONT STYLE="font-size: 10pt">Option to purchase additional ADSs</FONT> </TD>
    <TD STYLE="width: 62%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"> We have granted to the underwriters
an option, exercisable within 45 days from the date of this prospectus, to purchase up to an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs solely to cover over-allotments, if any. </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Ordinary Shares to be outstanding after this offering</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary
    Shares</FONT> </TD></TR>
</TABLE>


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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ADSs </FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         ADS represents 20 of our Ordinary Shares, NIS 0.1 par value. The ADSs may be evidenced
                                         by American Depositary Receipts, or ADRs.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        depositary will be the holder of the Ordinary Shares underlying the ADSs and you will have the rights of an ADS holder
        as provided in the deposit agreement among us, the depositary and owners and beneficial owners of ADSs from time to time.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
        better understand the terms of the ADSs, you should carefully read the section in this prospectus entitled &ldquo;Description
        of American Depositary Shares.&rdquo; We also encourage you to read the deposit agreement, which is incorporated by reference
        as an exhibit to the registration statement that includes this prospectus.</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of proceeds </FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> We expect to receive approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million
in net proceeds from the sale of&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs offered by us in this offering (approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriters exercise their over-allotment option in full),
based upon an assumed public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, the last
reported sale price of the ADSs on the OTCQB on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2016. </P>
                                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
        currently expect to use the net proceeds from this offering for the following purposes:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.1pt; text-align: left; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately
        $3.9 million to advance the formulation and clinical development efforts in our Joint Pharma program (THX-TS01 product
        candidate), allocated as follows: </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        approximately $600,000 to complete a proof of concept, Phase IIa clinical trial in the United States;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        approximately $1.3 million to complete Phase IIb clinical trial in Europe; and</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        the remainder to fund general formulation development and product manufacturing for clinical trials.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.1pt; text-align: left; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately
        $3.5 million to advance the formulation and clinical development efforts in our BrainBright Pharma program (THX- ULD01
        product candidate), allocated as follows: </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        approximately $350,000 to complete a Phase I clinical trial in Canada or the United States;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        approximately $1 million to initiate a proof of concept, Phase IIa clinical trial in Israel or Europe; and</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: left; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;&nbsp;&nbsp;&nbsp;
        the remainder to fund general formulation development and product manufacturing for clinical trials.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.1pt; text-align: left; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        remainder for working capital and general corporate purposes, and possible in-licensing of additional intellectual property
        and product candidates.</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P></DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Depositary</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    of New York Mellon.&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    factors</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0"> You
                                         should read the &ldquo;Risk Factors&rdquo; section starting on page 5 of this prospectus
                                         for a discussion of factors to consider carefully before deciding to invest in the ADSs. </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    NASDAQ Capital Market Symbol:</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;TRPX&rdquo;
    </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TASE
    and OTCQB symbol:</FONT></td>
    <TD STYLE="width: 62%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;THXBY&quot;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The number of our
Ordinary Shares to be outstanding immediately after this offering as shown above assumes that all of the ADSs offered hereby are
sold and is based on 40,998,471 Ordinary Shares outstanding as of September 30, 2016. This number excludes: </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; text-indent: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </P></TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,845,279
                                         Ordinary Shares issuable upon the exercise of options outstanding as of September 30,
                                         2016, of which 1,525,539 were vested as of such date, with a weighted average exercise
                                         price of NIS 0.83 (approximately $0.22) per share; and</FONT> </P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; text-indent: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; text-indent: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares underlying the ADS purchase warrant to be issued to the representative in connection with this offering.</FONT> </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> Unless otherwise
indicated, all information in this prospectus assumes no exercise of the outstanding options described above, the underwriters&rsquo;
over-allotment option, and the representative&rsquo;s ADS purchase warrant. </P>

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

</DIV>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 0 5; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUMMARY
CONSOLIDATED FINANCIAL DATA </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our financial data. We have derived the following statements of operations data for the years ended
December 31, 2015 and 2014 from our audited financial statements, and the balance sheet data as of June 30, 2016 from our unaudited
financial statements, included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results
that may be expected in the future. The following summary financial data should be read in conjunction with &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and our financial statements and related notes
included elsewhere in this prospectus.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
consolidated financial statements included in this prospectus were prepared in accordance with IFRS, as issued by the International
Accounting Standards Board. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></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> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Year Ended&nbsp; <BR>
    December 31, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six Months Ended <BR>
    June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Six
                                         Months Ended </B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>June&nbsp;30,</B> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">(<I>in thousands, except share and per share
    data</I>)</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD Convenience Translation* </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> Consolidated Statements of Operations Data </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><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> Revenues </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"> &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"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"> Research and development expenses, net </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 931 </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"> 1,800 </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"> 1,450 </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"> 477 </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"> 377 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> General and administrative expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,297 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,238 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,454 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,456 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 638 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Other expenses, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,734 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 115 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 26 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Operating loss </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,962 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,923 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,004 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,952 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,041 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Finance expenses (income), net </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 15 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 26 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 18 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 5 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 5 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Net comprehensive loss </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 10,164 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 7,282 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 4,042 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 3,144 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,051 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &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"> &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"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Net loss per Ordinary Share </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.43 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.45 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.11 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.15 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.03 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"> Number of Ordinary Shares used
    in computing net loss per Ordinary Share </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 23,853,196 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 16,071,577 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 35,449,981 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 20,628,371 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 35,449,981 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></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: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>As of June
    30, 2016</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Actual</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>As Adjusted
    (1) (2)</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt"><I>(in thousands)</I></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>NIS</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>USD - Convenience
    Translation*</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>USD - Convenience
    Translation*</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt"><B>Consolidated Balance Sheet Data:</B></FONT> </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></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 67%"> <FONT STYLE="font-size: 10pt">Cash and cash equivalents</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">3,166</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </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">823</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &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">3,562</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">926</FONT> </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: #CCEEFF">
    <TD> <FONT STYLE="font-size: 10pt">Total non-current liabilities</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"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD> <FONT STYLE="font-size: 10pt">Accumulated loss</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">117,438</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">30,535</FONT> </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: #CCEEFF">
    <TD> <FONT STYLE="font-size: 10pt">Total shareholders&rsquo; equity (deficit)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">1,925</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">501</FONT> </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: 0; background-color: white">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
&nbsp;</FONT>Calculated using the exchange rate reported by the Bank of Israel for June 30, 2016 at the rate of one U.S. dollar
per NIS 3.846. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP>&nbsp;&nbsp;Gives
effect to the ADSs offered by us in this offering assuming this offering was consummated at the beginning of the referenced period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.7pt"><SUP>(2)</SUP>&nbsp;&nbsp;A
$1.00 increase (decrease) in the assumed public offering price of $ per ADS would increase (decrease) the pro forma amount of
each of cash and cash equivalents and total stockholders&rsquo; equity by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, assuming that the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same and
after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. A &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS
increase in the number of ADSs offered by us would increase each of cash and cash equivalents and total shareholders&rsquo; equity
by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million after deducting estimated underwriting
discounts and commissions and any estimated offering expenses payable by us. Conversely, a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS
decrease in the number of ADSs offered by us would decrease each of cash and cash equivalents and total shareholders&rsquo; equity
by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million after deducting estimated underwriting
discounts and commissions and any estimated offering expenses payable by us.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <I>An
investment in the ADSs involves a high degree of risk. We operate in a dynamic and rapidly changing industry that involves numerous
risks and uncertainties. You should consider carefully the risks and uncertainties described below, together with all of the other
information in this prospectus, including the consolidated financial statements and the related notes included elsewhere in this
prospectus, before deciding whether to invest in the ADSs. The risks described below are not the only risks facing us. Additional
risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely
affect our business operations. If any of these risks actually occur, our business, financial condition, operating results or
cash flows could be materially adversely affected. This could cause the trading price of the ADSs to decline, and you may lose
all or part of your investment.</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Financial Condition and Capital Requirements </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are a development-stage specialty pharmaceutical company and have a limited operating history on which to assess the prospects
for our business, have incurred significant losses since the date of our inception, and anticipate that we will continue to incur
significant losses until we are able to successfully commercialize our product candidates. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception in 2004, we have been operating as a development-stage specialty pharmaceutical<B><I> </I></B>company and have a
limited operating history on which to assess the prospects for our business, have incurred significant losses, and anticipate
that we will continue to incur significant losses for the foreseeable future. We have only focused our business on the development
of cannabinoid molecules since August 2015.</FONT> </P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have historically incurred substantial net losses, including net losses of approximately NIS 10.1 million (approximately $2.6
million) in 2015, approximately NIS 7.3 (approximately $1.9 million) in 2014, and approximately NIS 4 million (approximately $1.1
million) for the six month period ended June 30, 2016.&nbsp;As of December 31, 2015 and June 30, 2016, we had an accumulated deficit
of approximately NIS 113.5 million (approximately $29.1 million) and approximately NIS 117.4 million (approximately $30.5 million),
respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have devoted substantially all of our financial resources to develop our product candidates. We have financed our operations primarily
through the issuance of equity securities. The amount of our future net losses will depend, in part, on completing the development
of our product candidates, the demand for our product candidates, the rate of our future expenditures and our ability to obtain
funding through the issuance of our securities, strategic collaborations or grants. Pharmaceutical product development is a highly
speculative undertaking and involves a substantial degree of risk and we have only focused our business on the development of
cannabinoid molecules since August 2015. We are in the late stages of preclinical and at the early stages of clinical development
for our product candidates, we have not yet commenced pivotal clinical studies for any product candidate, and it may be several
years, if ever, before we complete pivotal clinical studies and have a product candidate approved for commercialization. Even
if we obtain regulatory approval to market a product candidate, our future revenue will depend upon the size of the markets for
which our product candidates may receive approval and our ability to achieve sufficient market acceptance, pricing, reimbursement
from third-party payors and adequate market share for our product candidates in those markets. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
expect to continue to incur significant losses until we are able to commercialize our product candidates, which we may not be
successful in achieving. We anticipate that our expenses will increase substantially if and as we: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue
    the research and development of our product candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expand
    the scope of our current clinical studies for our product candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    regulatory and marketing approvals for our product candidates that successfully complete clinical studies;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
    a sales, marketing, and distribution infrastructure to commercialize our product candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to identify, assess, acquire, license, and/or develop other product candidates and subsequent generations of our current product
    candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to maintain, protect, and expand our intellectual property portfolio; </FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to attract and retain skilled personnel; and</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">create
    additional infrastructure to support our operations as a public company and our product candidate development and planned
    future commercialization efforts.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>The
                                         report of our independent registered public accounting firm contains an explanatory paragraph
                                         regarding substantial doubt about our ability to continue as a going concern.</I></B></FONT></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
report of our independent registered public accounting firm on our audited financial statements as of and for the year ended December
31, 2015 contains an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern.&nbsp;Our
financial statements do not include any adjustments that might result from the outcome of the uncertainty regarding our ability
to continue as a going concern. This going concern opinion could materially limit our ability to raise additional funds through
the issuance of equity or debt securities or otherwise. Further reports on our financial statements may include an explanatory
paragraph with respect to our ability to continue as a going concern. If we cannot continue as a going concern, our shareholders
may lose their entire investment in the ADSs.</FONT> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"> <B><I>We are subject to
administrative  proceedings by the ISA that allege certain violations of Israeli securities laws, that could subject us to
monetary and other sanctions and we may become subject to a derivative or class action lawsuit.</I></B> </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white"> The ISA previously
notified us that it was conducting an administrative inquiry relating to our reports (quality and scope of disclosure) to the
ISA and the TASE with respect to the termination of a license agreement we had with Ramot for certain technology covering our
previous immunotherapeutic Alzheimer&rsquo;s technology and program, or the BBS Technology, which was terminated in the beginning
of 2014. On August 18, 2016, the Department of Administrative Enforcement of the ISA filed an administrative letter of claims
against us, our Chairman, and certain former officers. The letter of claims alleges that we and the named respondents carried
out several violations of the Securities Law regarding our reports. The alleged breaches include (i) the inclusion of misleading
details in a shelf offering report and annual report in relation to our license agreement with Ramot covering our previous BBS
Technology and program; (ii) failure to submit an immediate report about a material event (the license agreement termination)
in a timely and lawful manner; (iii) inclusion of a misleading detail in an immediate report; and (iv) misleading the ISA in connection
with such actions. We are currently examining the letter of claims. A date for the hearing has yet to be set. We plan to hold
a discussion with the ISA prior to any hearing, and to further file a formal defense. If we do not prevail, we might be subject
to monetary sanctions (of up to NIS 5 million), and additional administrative sanctions may be levied upon our Chairman and certain
former officers such as personal monetary sanctions, prohibition on serving as an officer or director in a public company, and
compensation to investors damaged by the violation. We may be subject to a derivative or class action as a result of the findings
in such proceedings. We cannot currently predict the outcome of this matter. &nbsp;Such consequences could have a material adverse
effect on our business, liquidity, financial condition and prospects. Additionally, the period of time necessary to resolve the
claims is uncertain, and this matter could require significant management and financial resources that could otherwise be devoted
to the operation of our business. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white"> Furthermore,
pursuant to the investment agreement between us and Jesselson Investments Ltd., a private company which is controlled by the father
of Micha Jesselson, one of our directors, if monetary sanctions higher than $20,000 are imposed on us, we will be required to
compensate Jesselson Investments Ltd. by way of cash payment equal to the amount of the monetary sanctions or by issuing Jesselson
Investments Ltd. additional shares in an amount equal to the amount of the monetary sanctions divided by NIS 0.5. We are obligated
to compensate Jesselson Investments Ltd. only with respect to claims brought by it against us until April 2020 and to a maximum
amount of compensation not to be higher than the amount invested by Jesselson Investments Ltd. which was NIS 2.2 million. Should
the issuance of the additional shares result in Jesselson Investments Ltd. owning 25% or more of our issued and outstanding shares,
Jesselson Investments Ltd. may instruct us to reduce the amount of shares to be issued to it, in a manner such that immediately
following such issuance of shares it shall hold less than 25% of our issued and outstanding shares, and the remaining portion
of compensation shall be paid to it in cash. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have not generated any revenue from the sale of our current product candidates and may never be profitable. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 28.35pt; background-color: white; text-align: left"> We
have not yet commercialized any of our product candidates and have not generated any revenue since the date of our inception.
We do not know whether or when we will become profitable.&nbsp;Our ability to generate revenue and achieve profitability depends
on our ability to successfully complete the development of, and to commercialize, our product candidates and on the demand for
our product candidates. Our ability to generate revenue and achieve profitability depends on our ability, alone or with strategic
collaboration partners, to successfully complete the development of, and obtain the regulatory and marketing approvals necessary
to commercialize, one or more of our product candidates. Our ability to generate future revenue from product candidate sales depends
heavily on our success in many areas, including but not limited to: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">completing
    research and preclinical and clinical development of our product candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    regulatory and marketing approvals for product candidates for which we complete clinical studies;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    and maintaining supply and manufacturing relationships with third parties that can provide adequate (in amount and quality)
    products to support market demand for our product candidates, if approved;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">launching
    and commercializing product candidates if and when we obtain regulatory and marketing approval, either directly or with a
    collaborator or distributor;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    market acceptance of our product candidates as viable treatment options;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">addressing
    any competing pharmaceutical or biotechnological and market developments;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
    assessing, acquiring and/or developing new product candidates;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">negotiating
    favorable terms in any collaboration, licensing or other arrangements into which we may enter;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining,
    protecting and expanding our portfolio of intellectual property rights, including patents, trade secrets and know-how; and</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">attracting,
    hiring and retaining qualified personnel.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if one or more of the product candidates that we develop is approved for commercial sale, we anticipate incurring significant
costs associated with commercializing any approved product candidate. Our expenses could increase beyond expectations if we are
required by the FDA, the European Medicines Agency, or the EMA, or other regulatory agencies, domestic or foreign, to perform
clinical, nonclinical or other types of studies in addition to those that we currently anticipate. In cases where we are successful
in obtaining regulatory approvals to market one or more of our product candidates, our revenue will be dependent, in part, upon
the size of the markets in the territories for which we gain regulatory approval, the accepted price for the product candidate,
the ability to get reimbursement at an acceptable price and whether we own the commercial rights for that territory. If the number
of our addressable patients is not as significant as we estimate, the indication approved by regulatory authorities is narrower
than we expect, or the reasonably expected population for treatment is narrowed by competition, physician choice or treatment
guidelines, we may not generate significant revenue from sales of such product candidates, even if approved. Additionally, if
we are not able to generate revenue from the sale of any approved product candidates, we may be forced to cease operations.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Even
if this offering is successful, we expect that we will need to raise substantial additional funding before we can expect to become
profitable from sales of our product candidates. This additional financing may not be available on acceptable terms, or at all.
Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our product candidate development
efforts or other operations. </I></B></FONT><B><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> As of June 30,
2016, our cash and cash equivalents were approximately NIS 3.2 million (approximately $800,000), a working capital of NIS 1.2&nbsp;million
(approximately $ 300,000) and an accumulated deficit of NIS million 117.4 (approximately $30.5). Upon the completion of this offering,
based upon our currently expected level of operating expenditures, we expect that our existing cash and cash equivalents will
be sufficient to fund operations at least through&nbsp;the end of 2017. Even if this offering is completed, we expect that we
will require substantial additional capital to commercialize our product candidates. In addition, our operating plans may change
as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned.
Our future funding requirements will depend on many factors, including but not limited to:<FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    scope, rate of progress, results and cost of product development, clinical studies, preclinical testing, and other related
    activities;</FONT></TD></TR>


<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0; width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost, timing and outcomes of regulatory approvals;</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost and timing of establishing sales, marketing, and distribution capabilities; and</FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms and timing of any collaborative, licensing, and other arrangements that we may establish.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability
to develop and commercialize our product candidates. In addition, we cannot guarantee that future financing will be available
in sufficient amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings
or the rights of our stockholders and the issuance of additional securities, whether equity or debt, by us, or the possibility
of such issuance, may cause the market price of our Ordinary Shares or ADSs to decline. The incurrence of indebtedness could result
in increased fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations
on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and
other operating restrictions that could adversely impact our ability to conduct our business. We could also be required to seek
funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable, and
we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable
to us, any of which may have a material adverse effect on our business, operating results and prospects. Even if we believe that
we have sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable
or if we have specific strategic considerations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more
of our research or development programs or the commercialization of any product candidates or be unable to expand our operations
or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition
and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Raising
additional capital would cause dilution to our existing shareholders, and may affect the rights of existing shareholders.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> We may seek additional
capital through a combination of private and public equity offerings, debt financings and collaborations and strategic and licensing
arrangements. To the extent that we raise additional capital through the issuance of equity (such as this offering) or convertible
debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely
affect your rights as a holder of the ADSs. </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to the Discovery and Development of Our Product Candidates</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are heavily dependent on the success of our product candidates, which are in the late stages of pre-clinical development or early
stages of clinical development. We cannot give any assurance that any of our product candidates will receive regulatory approval,
which is necessary before they can be commercialized.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have invested substantially all of our efforts and financial resources to design and develop our product candidates,
including conducting preclinical studies and providing general and administrative support for these operations. Our future success
is dependent on our ability to successfully develop, obtain regulatory approval for, and then successfully commercialize one or
more product candidates. We currently generate no revenue from sales of any product candidate, and we may never be able to develop
or commercialize a marketable product candidate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our product candidates is in the late stages of pre-clinical development or early stages of development and will require additional
clinical development (and in some cases additional preclinical development), management of nonclinical, clinical and manufacturing
activities, regulatory approval, obtaining adequate manufacturing supply, building of a commercial organization and significant
marketing efforts before we generate any revenue from product candidate sales. It may be years before a pivotal study is initiated,
if at all. Any clinical trials in the United States will require the approval of an Investigational New Drug, or IND, application
by the FDA, and we cannot assure that we will obtain such approval in a timely manner, or at all. We are not permitted to market
or promote any of our product candidates before we receive regulatory approval from the FDA or comparable foreign regulatory authorities,
and we may never receive such regulatory approval for any of our product candidates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
as a company have never submitted marketing applications to the FDA or comparable foreign regulatory authorities. We cannot be
certain that any of our product candidates will be successful in clinical studies or receive regulatory approval or what regulatory
pathway the regulatory authorities shall designate for our product candidates. Further, our product candidates may not receive
regulatory approval even if they are successful in clinical studies. If we do not receive regulatory approvals for our product
candidates, we may not be able to continue our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally plan to seek regulatory approval to commercialize our product candidates in the United States, the European Union and
in additional foreign countries. To obtain regulatory approvals we must comply with the numerous and varying regulatory requirements
of such countries regarding safety, efficacy, chemistry, manufacturing and controls, clinical studies, commercial sales, pricing
and distribution of our product candidates. Even if we are successful in obtaining approval in one jurisdiction, we cannot ensure
that we will obtain approval in any other jurisdictions. If we are unable to obtain approval for our product candidates in multiple
jurisdictions, our revenue and results of operations would be negatively affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable.
If we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
time required to obtain approval by the FDA and comparable foreign authorities is unpredictable, typically takes many years following
the commencement of clinical studies and depends upon numerous factors. In addition, approval policies, regulations or the type
and amount of clinical data necessary to gain approval may change during the course of a product candidate&rsquo;s clinical development
and may vary among jurisdictions, which may cause delays in the approval or the decision not to approve an application. We have
not obtained regulatory approval for any product candidate, and it is possible that none of our existing product candidates or
any product candidates we may seek to develop in the future will ever obtain regulatory approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applications
for our product candidates could fail to receive regulatory approval for many reasons, including but not limited to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA or comparable foreign regulatory authorities may disagree with the design or implementation of our clinical studies;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be unable to demonstrate to the FDA or comparable foreign regulatory authorities that a product candidate&rsquo;s safety-benefit
    ratio for its proposed indication is acceptable;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA or comparable foreign regulatory authorities may disagree with our interpretation of data from preclinical studies or
    clinical studies;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    data collected from clinical studies of our product candidates may not be sufficient to support the submission of a NDA in
    the United States or elsewhere;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA or comparable foreign regulatory authorities may fail to approve the manufacturing processes, test procedures and specifications
    or facilities of third-party manufacturers with which we contract for clinical and commercial supplies; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approval policies or regulations of the FDA or comparable foreign regulatory authorities may significantly change in a manner
    rendering our clinical data insufficient for approval.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
lengthy approval process, as well as the unpredictability of the results of clinical studies, may result in our failing to obtain
regulatory approval to market any of our product candidates, which would significantly harm our business, results of operations
and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Clinical
drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies may not be
predictive of future study results. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Clinical testing
is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during
the clinical study process. The results of preclinical studies and early clinical studies of our product candidates may not be
predictive of the results of later-stage clinical studies. Product candidates that have shown promising results in early-stage
clinical studies may still suffer significant setbacks in subsequent advanced clinical studies. There is a high failure rate for
drugs proceeding through clinical studies, and product candidates in later stages of clinical studies may fail to show the desired
safety and efficacy traits despite having progressed satisfactorily through preclinical studies and initial clinical studies.
A number of companies in the pharmaceutical industry have suffered significant setbacks in advanced clinical studies due to lack
of efficacy or adverse safety profiles, notwithstanding promising results in earlier studies. Moreover, preclinical and clinical
data are often susceptible to varying interpretations and analyses. We do not know whether any Phase I, Phase&nbsp;II, Phase&nbsp;III
or other clinical studies we may conduct will demonstrate consistent or adequate efficacy and safety sufficient to obtain regulatory
approval to market our product candidates. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may find it difficult to enroll patients in our clinical studies. Difficulty in enrolling patients could delay or prevent clinical
studies of our product candidates.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifying
and qualifying patients to participate in clinical studies of our product candidates is critical to our success. The timing of
our clinical studies depends in part on the speed at which we can recruit patients to participate in testing our product candidates,
and we may experience delays in our clinical studies if we encounter difficulties in enrollment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Some of the conditions
for which we plan to evaluate our current product candidates are for rare diseases. For example, based on a study conducted by
the CDC, we estimate that approximately 138,000 children suffer from TS in the United States. Accordingly, there is a limited
patient pool from which to draw for clinical studies. Further, the eligibility criteria of our clinical studies will further limit
the pool of available study participants as we will require that patients have specific characteristics that we can measure or
to assure their disease is either severe enough or not too advanced to include them in a study. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the process of finding patients may prove costly. We also may not be able to identify, recruit and enroll a sufficient number
of patients to complete our clinical studies because of the perceived risks and benefits of the product candidate under study,
the availability and efficacy of competing therapies and clinical studies, the proximity and availability of clinical study sites
for prospective patients and the patient referral practices of physicians. If patients are unwilling to participate in our studies
for any reason, the timeline for recruiting patients, conducting studies and obtaining regulatory approval of potential product
candidates will be delayed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we experience delays in the completion or termination of any clinical study of our product candidates, the commercial prospects
of our product candidates will be harmed, and our ability to generate product candidate revenue from any of these product candidates
could be delayed or prevented. In addition, any delays in completing our clinical studies will increase our costs, slow down our
product candidate development and approval process and jeopardize our ability to commence product candidate sales and generate
revenue. Any of these occurrences may harm our business, financial condition and prospects significantly. In addition, many of
the factors that cause, or lead to, a delay in the commencement or completion of clinical studies may also ultimately lead to
the denial of regulatory approval of our product candidates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
the FDA does not conclude that our product candidates satisfy the requirements for the Section&nbsp;505(b)(2) regulatory approval
pathway, or if the requirements for our product candidates under Section&nbsp;505(b)(2) are not as we expect, the approval pathway
would likely take significantly longer, cost significantly more and entail significantly greater complications and risks than
anticipated and in either case may not be successful.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to seek FDA approval through the Section&nbsp;505(b)(2) regulatory pathway for our product candidates. The Drug Price Competition
and Patent Term Restoration Act of 1984, also known as the Hatch-Waxman Amendments, added Section&nbsp;505(b)(2) to the FDC Act,
or Section&nbsp;505(b)(2). Section&nbsp;505(b)(2) permits the filing of an NDA where at least some of the information required
for approval comes from studies not conducted by or for the applicant and for which the applicant has not obtained a right of
reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;If
the FDA does not allow us to pursue the Section&nbsp;505(b)(2) regulatory pathway as anticipated, we may need to conduct additional
clinical trials, provide additional data and information and meet additional standards for regulatory approval. If this were to
occur, the time and financial resources required to obtain FDA approval, and complications and risks associated with FDA approval,
would substantially increase. We may need to obtain additional funding, which could result in significant dilution to the ownership
interests of our then existing shareholders to the extent we issue equity securities or convertible debt. We cannot assure you
that we would be able to obtain such additional financing on terms acceptable to us, if at all. Moreover, inability to pursue
the Section&nbsp;505(b)(2) regulatory pathway could result in new competitive product candidates reaching the market faster than
our product candidates, which could materially adversely impact our competitive position and prospects. Even if we are allowed
to pursue the Section&nbsp;505(b)(2) regulatory pathway, we cannot assure you that our product candidates will receive the requisite
approvals for commercialization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, notwithstanding the approval of a number of product candidates by the FDA under Section&nbsp;505(b)(2) over the last
few years, some pharmaceutical companies and others have objected to the FDA&rsquo;s interpretation of Section&nbsp;505(b)(2).
For example, several companies have previously petitioned the FDA regarding the constitutionality of allowing others to rely upon
FDA findings that are based on their proprietary data. If the FDA&rsquo;s interpretation of Section&nbsp;505(b)(2) is successfully
challenged, the FDA may be required to change its 505(b)(2) policies and practices, which could require that we generate full
data regarding safety and effectiveness for previously approved active ingredients and delay or even prevent the FDA from approving
any NDA that we submit under Section&nbsp;505(b)(2). Our product candidates are at early stages of development and are subject
to uncertainty over what we must do on our development program in order to secure approval under Section&nbsp;505(b)(2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may encounter substantial delays in our clinical studies, or we may fail to demonstrate safety and efficacy to the satisfaction
of applicable regulatory authorities. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
obtaining marketing approval from regulatory authorities for the sale of our product candidates, we must conduct extensive clinical
studies to demonstrate the safety and efficacy of the product candidates in humans. Clinical testing is expensive, time consuming
and uncertain as to outcome. We cannot guarantee that any clinical studies will be conducted as planned or completed on schedule,
if at all. A failure of one or more clinical studies can occur at any stage of testing, and our future clinical studies may not
be successful. Events that may prevent successful or timely completion of clinical development include but are not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
    to generate sufficient preclinical, toxicology or other in vivo or in vitro data to support the initiation of human clinical
    studies;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in reaching a consensus with regulatory agencies on study design;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in reaching agreement on acceptable terms with prospective contract research organizations, or CROs, and clinical study sites,
    the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and clinical study
    sites;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in obtaining required Institutional Review Board, or IRB, approval at each clinical study site;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposition
    of a clinical hold by regulatory agencies, after review of an IND, application, or equivalent application, or an inspection
    of our clinical study operations or study sites;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in recruiting suitable patients to participate in our clinical studies;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: .3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
    collaborating with patient groups and investigators;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    by our CROs, other third parties or us to adhere to clinical study requirements;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to perform in accordance with the FDA&rsquo;s good clinical practices requirements, or applicable regulatory guidelines in
    other countries;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in having patients complete participation in a study or return for post-treatment follow-up;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">patients
    dropping out of a study;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">occurrence
    of serious adverse events associated with the product candidate that are viewed to outweigh its potential benefits;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in regulatory requirements and guidance that require amending or submitting new clinical protocols;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of clinical studies of our product candidates being greater than we anticipate;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">clinical
    studies of our product candidates producing negative or inconclusive results, which may result in us deciding, or regulators
    requiring us, to conduct additional clinical studies or abandon product candidate development programs; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in manufacturing, testing, releasing, validating or importing/exporting sufficient stable quantities of our product candidates
    for use in clinical studies or the inability to do any of the foregoing.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
inability to successfully complete preclinical and clinical development could result in additional costs to us or impair our ability
to generate revenue. We may also be required to conduct additional safety, efficacy and comparability studies before we will be
allowed to start clinical studies with our repurposed drugs. Clinical study delays could also shorten any periods during which
our product candidates have patent protection and may allow our competitors to bring product candidates to market before we do,
which could impair our ability to obtain orphan exclusivity and successfully commercialize our product candidates and may harm
our business and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>In
respect of our product candidates targeting rare indications, orphan drug exclusivity may afford limited protection, and if another
party obtains orphan drug exclusivity for the drugs and indications we are targeting, we may be precluded from commercializing
our product candidates in those indications during that period of exclusivity</I>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> We
are seeking to obtain an orphan designation for some of our product candidates&nbsp;in the United States. Under the Orphan Drug
Act, the FDA may designate a product as an orphan drug if it is a drug intended to treat a rare disease or condition, defined,
in part, as a patient population of fewer than 200,000 in the United States. In the United States, the first NDA applicant with
an orphan drug designation for a particular active moiety to treat a specific disease or condition that receives FDA approval
is entitled to a seven-year exclusive marketing period in the United States for that product candidate, for that indication. There
is no assurance that we will successfully obtain orphan drug designation for future rare indications or orphan exclusivity upon
approval of any of our product candidates that have already obtained designation. Even if we do obtain orphan exclusivity for
any product candidate, the exclusive marketing rights may be lost if the FDA later determines that the request for designation
was materially defective or if the manufacturer is unable to assure sufficient quantity of the drug. Moreover, a drug product
candidate with an active moiety that is a different cannabinoid from that in our drug candidate or, under limited circumstances,
the same drug product candidate, may be approved by the FDA for the same indication during the period of marketing exclusivity.
The limited circumstances include a showing that the second drug is clinically superior to the drug with marketing exclusivity
through a demonstration of superior safety or efficacy or that it makes a major contribution to patient care. In addition, if
a competitor obtains approval and marketing exclusivity for a drug product candidate with an active moiety that is the same as
that in a product candidate we are pursuing for the same indication, approval of our product candidate would be blocked during
the period of marketing exclusivity unless we could demonstrate that our product candidate is clinically superior to the approved
product candidate. In addition, if a competitor obtains approval and marketing exclusivity for a drug product candidate with an
active moiety that is the same as that in a product candidate we are pursuing for a different orphan indication, this may negatively
impact the market opportunity for our product candidate. There have been legal challenges to aspects of the FDA&rsquo;s regulations
and policies concerning the exclusivity provisions of the Orphan Drug Act, and future challenges could lead to changes that affect
the protections afforded our product candidates in ways that are difficult to predict. In a recent successful legal challenge,
a court invalidated the FDA&rsquo;s denial of orphan exclusivity to a drug on the grounds that the drug was not proven to be clinically
superior to a previously approved product candidate containing the same ingredient for the same orphan use. In response to the
decision, the FDA released a policy statement stating that the court&rsquo;s decision is limited just to the facts of that particular
case and that the FDA will continue to require the sponsor of a designated drug that is the &ldquo;same&rdquo; as a previously
approved drug to demonstrate that its drug is clinically superior to that drug upon approval in order to be eligible for orphan
drug exclusivity, or in some cases, to even be eligible for marketing approval. In the future, there is the potential for additional
legal challenges to the FDA&rsquo;s orphan drug regulations and policies, and it is uncertain how such challenges might affect
our business. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>While
orphan drug product candidates are typically sold at a high price relative to other medications, the market may not be receptive
to high pricing of our product candidates.</I> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> We develop our product
candidates to treat rare diseases, a space where medications are usually sold at high prices compared with other medications.
However, our product candidates are&nbsp;repurposed drugs, which means, among other things, that they contain drug substances
available in pharmacies for the purpose of treating indications that are different from the indications for which we plan to use.
Accordingly, even if regulatory authorities approve our product candidates, the market may not be receptive to, and it may be
difficult for us to achieve, a per-patient per-year price high enough to allow us to realize a return on our investment. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval,
limit the commercial profile of an approved label or result in significant negative consequences following marketing approval,
if any.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undesirable
side effects caused by our product candidates could cause us or regulatory authorities to interrupt, delay or halt clinical studies
and could result in a more restrictive marketing label or the delay or denial of regulatory approval by the FDA or other comparable
foreign authorities. Potential side effects of our cannabinoid-based treatments may include: asthenia, palpitations, tachycardia,
vasodilation/facial flush, abdominal pain, nausea, vomiting, amnesia, anxiety/nervousness, ataxia, confusion, depersonalization,
dizziness, euphoria, hallucinations, paranoid reaction, somnolence and abnormal thinking. Results of our studies may identify
unacceptable severity and prevalence of these or other side effects. In such an event, our studies could be suspended or terminated,
and the FDA or comparable foreign regulatory authorities could order us to cease further development of or deny or withdraw approval
of our product candidates for any or all targeted indications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drug-related
side effects could affect patient recruitment, the ability of enrolled patients to complete the study or result in potential product
candidate liability claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if one or more of our product candidates receives marketing approval, and we or others later identify undesirable side effects
caused by such product candidates, a number of potentially significant negative consequences could result, including but not limited
to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    authorities may withdraw approvals of such product candidate;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    authorities may require additional warnings on the label;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be required to create a Risk Evaluation and Mitigation Strategy (REMS) plan, which could include a medication guide outlining
    the risks of such side effects for distribution to patients, a communication plan for healthcare providers and/or other elements
    to assure safe use;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    could be sued and held liable for harm caused to patients; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    reputation may suffer.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could prevent us from achieving or maintaining market acceptance of the particular product candidate, if approved,
and could significantly harm our business, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Even
if we obtain regulatory approval for a product candidate, our product candidates will remain subject to regulatory scrutiny. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our product candidates are approved, they will be subject to ongoing regulatory requirements for manufacturing, labeling, packaging,
storage, advertising, promotion, sampling, record-keeping, conduct of post-marketing studies and submission of safety, efficacy
and other post-market information, including both federal and state requirements in the United States. In addition, manufacturers
and manufacturers&rsquo; facilities are required to comply with extensive FDA requirements, including ensuring that quality control
and manufacturing procedures conform to current Good Manufacturing Practices, or cGMP, regulations and Quality System Regulation,
or QSR. As such, we and our contract manufacturers will be subject to continual review and inspections to assess compliance with
cGMP, QSR and adherence to commitments made in any NDA. Accordingly, we and others with whom we work must continue to expend time,
money and effort in all areas of regulatory compliance, including manufacturing, production and quality control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
regulatory approvals that we receive for our product candidates may also be subject to limitations on the approved indicated uses
for which the product candidate may be marketed or to the conditions of approval, or contain requirements for potentially costly
post-marketing testing, including Phase&nbsp;4 clinical trials and surveillance to monitor the safety and efficacy of the product
candidate. We will also be required to report certain adverse reactions and production problems, if any, to the FDA, and to comply
with requirements concerning advertising and promotion for our product candidates. Promotional communications with respect to
prescription drugs are subject to a variety of legal and regulatory restrictions and must be consistent with the information in
the product candidate&rsquo;s approved label. As such, we may not promote our product candidates for indications or uses for which
they do not have FDA approval. The holder of an approved NDA must also submit new or supplemental applications and obtain FDA
approval for certain changes to the approved product candidate, product candidate labeling or manufacturing process. We could
also be asked to conduct post-marketing clinical studies to verify the safety and efficacy of our product candidates in general
or in specific patient subsets. If original marketing approval were obtained via the accelerated approval pathway, we could be
required to conduct a successful post-marketing clinical study to confirm clinical benefit for our product candidates. An unsuccessful
post-marketing study or failure to complete such a study could result in the withdrawal of marketing approval. Furthermore, any
new legislation addressing drug safety issues could result in delays in product candidate development or commercialization or
increased costs to assure compliance. Foreign regulatory authorities impose similar requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a regulatory agency discovers previously unknown problems with a product candidate, such as adverse events of unanticipated severity
or frequency, or problems with the facility where the product candidate is manufactured, or disagrees with the promotion, marketing
or labeling of a product candidate, such regulatory agency may impose restrictions on that product candidate or us, including
requiring withdrawal of the product candidate from the market. If we fail to comply with applicable regulatory requirements, a
regulatory agency or enforcement authority may, among other things:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
    warning letters;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impose
    civil or criminal penalties;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: .3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
    or withdraw regulatory approval;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
    any of our ongoing clinical studies;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">refuse
    to approve pending applications or supplements to approved applications submitted by us;</FONT></td></tr>
</TABLE>
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: .3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impose
    restrictions on our operations, including closing our contract manufacturers&rsquo; facilities; or</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seize
    or detain product candidates, or require a product candidate recall.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
government investigation of alleged violations of law could require us to expend significant time and resources in response and
could generate negative publicity. Any failure to comply with ongoing regulatory requirements may significantly and adversely
affect our ability to commercialize and generate revenue from our product candidates. If regulatory sanctions are applied or if
regulatory approval is withdrawn, the value of our company and our operating results will be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are subject to numerous complex regulations and failure to comply with these regulations, or the cost of compliance with these
regulations, may harm our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
research, testing, development, manufacturing, quality control, approval, labeling, packaging, storage, recordkeeping, promotion,
advertising, marketing, distribution, possession and use of our product candidates, among other things, are subject to regulation
by numerous governmental authorities in the United States and elsewhere. The FDA regulates drugs under the FDC Act, and implementing
regulations. Noncompliance with any applicable regulatory requirements can result in refusal to approve product candidates for
marketing, warning letters, product candidate recalls or seizure of product candidates, total or partial suspension of production,
prohibitions or limitations on the commercial sale of product candidates or refusal to allow the entering into of federal and
state supply contracts, fines, civil penalties and/or criminal prosecution. Additionally, the FDA and comparable governmental
authorities have the authority to withdraw product candidate approvals that have been previously granted. Moreover, the regulatory
requirements relating to our product candidates may change from time to time and it is impossible to predict what the impact of
any such changes may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
are developing product candidates that are controlled substances as defined in the Controlled Substances Act of 1970, or CSA,
which establishes, among other things, certain registration, production quotas, security, recordkeeping, reporting, import, export
and other requirements administered by the Drug Enforcement Administration, or the DEA. The active ingredient in our product candidates
is dronabinol, which is a Schedule I controlled substance, meaning that any drug containing it cannot be marketed before it is
rescheduled by the DEA as a Schedule II, III, IV or V substance. See &ldquo;Business&mdash;Government Regulation&mdash;Controlled
Substances&rdquo; for additional information. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manufacture, shipment, storage, sale and use, among other things, of controlled substances that are pharmaceutical product candidates
are subject to a high degree of regulation. The DEA also conducts periodic inspections of registered establishments that handle
controlled substances. Facilities that conduct research, manufacture, distribute, import or export controlled substances must
be registered to perform these activities and have the security, control and inventory mechanisms required by the DEA to prevent
drug loss and diversion. Failure to maintain compliance, particularly non-compliance resulting in loss or diversion, can result
in regulatory action that could have a material adverse effect on our business, results of operations, financial condition and
prospects. The DEA may seek civil penalties, refuse to renew necessary registrations, or initiate proceedings to suspend or revoke
those registrations. In certain circumstances, violations could lead to criminal proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
states also have controlled substances laws. Though state controlled substances laws often mirror federal law, because the states
are separate jurisdictions, they may separately schedule our product candidates as well. While some states automatically schedule
a drug when the DEA does so, other states schedule drugs through rulemaking or a legislative action. State scheduling may delay
commercial sale of any product candidate for which we obtain federal regulatory approval and adverse scheduling could have a material
adverse effect on the commercial attractiveness of such product candidate. We or our partners must also obtain separate state
registrations, permits or licenses in order to be able to obtain, handle, and distribute controlled substances for clinical trials
or commercial sale, and failure to meet applicable regulatory requirements could lead to enforcement and sanctions from the states
in addition to those from the DEA or otherwise arising under federal law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Reliance on Third Parties </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
rely on third parties to conduct our preclinical and clinical studies and perform other tasks for us. If these third parties do
not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not
be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied upon and plan to continue to rely upon third-party CROs to monitor and manage data for our ongoing preclinical and
clinical programs. We rely on these parties for execution of our preclinical and clinical studies, and control only certain aspects
of their activities. Nevertheless, we are responsible for ensuring that each of our studies is conducted in accordance with the
applicable protocol, legal, regulatory and scientific standards and our reliance on the CROs does not relieve us of our regulatory
responsibilities. We and our CROs and other vendors are required to comply with current cGMP, Good Clinical Practice, or GCP,
QSR and Good Laboratory Practices, or GLP, which are regulations and guidelines enforced by the FDA, the Competent Authorities
of the Member States of the European Economic Area (EEA), and comparable foreign regulatory authorities for all of our product
candidates in clinical development. Regulatory authorities enforce these regulations through periodic inspections of study sponsors,
principal investigators, study sites and other contractors. If we or any of our CROs or vendors fail to comply with applicable
regulations, the clinical data generated in our clinical studies may be deemed unreliable and the FDA, EMA or comparable foreign
regulatory authorities may require us to perform additional clinical studies before approving our marketing applications. We cannot
assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that any of our clinical
studies comply with GCP regulations. In addition, our clinical studies must be conducted with product candidates which are produced
under cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical studies, which would delay
the regulatory approval process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our relationships with these third-party CROs terminate, we may not be able to enter into arrangements with alternative
CROs or do so on commercially reasonable terms. In addition, our CROs are not our employees, and except for remedies available
to us under our agreements with such CROs, we cannot control whether or not they devote sufficient time and resources to our on-going
clinical, nonclinical and preclinical programs. If CROs do not successfully carry out their contractual duties or obligations
or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised
due to the failure to adhere to our clinical protocols, regulatory requirements or for other reasons, our clinical studies may
be extended, delayed or terminated and we may not be able to obtain regulatory approval for or successfully commercialize our
product candidates. CROs may also generate higher costs than anticipated. As a result, our results of operations and the commercial
prospects for our product candidates would be harmed, our costs could increase and our ability to generate revenue could be delayed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Switching
or adding additional CROs involves additional cost and requires management time and focus. In addition, there is a natural transition
period when a new CRO commences work. As a result, delays may occur, which could materially impact our ability to meet our desired
clinical development timelines. Though we carefully manage our relationships with our CROs, there can be no assurance that we
will not encounter similar challenges or delays in the future or that these delays or challenges will not have a material adverse
impact on our business, financial condition and prospects.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will rely on third parties to manufacture our active pharmaceutical ingredient, or API, formulations. Our business could be harmed
if those third parties fail to provide us with sufficient quantities of our needed supplies, or fail to do so at acceptable quality
levels or prices.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have the infrastructure or capability internally to manufacture the API formulations, and we lack the resources and the
capability to manufacture any of our product candidates on a clinical or commercial scale. We plan to rely on third parties for
such supplies. There are a limited number of manufacturers who have the ability to produce our API and there may be a need to
identify alternate manufacturers to prevent a possible disruption of our clinical studies. Any significant delay or discontinuity
in the supply of these components could considerably delay completion of our clinical studies, product candidate testing and potential
regulatory approval of our product candidates, which could harm our business and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
and our collaborators and contract manufacturers are subject to significant regulation with respect to manufacturing our product
candidates. The manufacturing facilities on which we rely may not continue to meet regulatory requirements and have limited capacity.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
entities involved in the preparation of therapeutics for clinical studies or commercial sale, including our existing contract
manufacturers for our product candidates, are subject to extensive regulation. Components of a finished therapeutic product approved
for commercial sale or a product candidate used in late-stage clinical studies must be manufactured in accordance with cGMP. These
regulations govern manufacturing processes and procedures (including record keeping) and the implementation and operation of quality
systems to control and assure the quality of investigational product candidates and products approved for sale. Poor control of
production processes can lead to the introduction of contaminants or to inadvertent changes in the properties or stability of
our product candidates that may not be detectable in final product testing. We, our collaborators or our contract manufacturers
must supply all necessary documentation in support of an NDA, or Marketing Authorization Application, or MAA, on a timely basis
and must adhere to GLP and cGMP QSR regulations enforced by the FDA and other regulatory agencies through their facilities inspection
program. Some of our contract manufacturers have never produced a commercially approved pharmaceutical product and therefore have
not obtained the requisite regulatory authority approvals to do so. The facilities and quality systems of some or all of our collaborators
and third-party contractors must pass a pre-approval inspection for compliance with the applicable regulations as a condition
of regulatory approval of our product candidates or any of our other potential product candidates. In addition, the regulatory
authorities may, at any time, audit or inspect a manufacturing facility involved with the preparation of our product candidates
or our other potential product candidates or the associated quality systems for compliance with the regulations applicable to
the activities being conducted. We do not control the manufacturing process of, and are completely dependent on, our contract
manufacturing partners for compliance with the regulatory requirements. If these facilities do not pass a pre-approval plant inspection,
regulatory approval of the product candidates may not be granted or may be substantially delayed until any violations are corrected
to the satisfaction of the regulatory authority, if ever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The regulatory authorities
also may, at any time following approval of a product candidate for sale, if ever, audit the manufacturing facilities of our collaborators
and third-party contractors. If any such inspection or audit identifies a failure to comply with applicable regulations or if
a violation of our product candidate specifications or applicable regulations occurs independent of such an inspection or audit,
we or the relevant regulatory authority may require remedial measures that may be costly and/or time consuming for us or a third
party to implement, and that may include the temporary or permanent suspension of a clinical study or commercial sales, or the
temporary or permanent closure of a facility. Any such remedial measures imposed upon us or third parties with whom we contract
could materially harm our business. </P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we, our collaborators, or any of our third-party manufacturers fail to maintain regulatory compliance, the FDA or other applicable
regulatory authority can impose regulatory sanctions including, among other things, refusal to approve a pending application for
a new drug product, withdrawal of an approval or suspension of production. As a result, our business, financial condition and
results of operations may be materially harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if supply from one approved manufacturer is interrupted, an alternative manufacturer would need to be qualified through an NDA
or MAA amendment, or equivalent foreign regulatory filing, which could result in further delay. The regulatory agencies may also
require additional studies if a new manufacturer is relied upon for commercial production. Switching manufacturers may involve
substantial costs and is likely to result in a delay in our desired clinical and commercial timelines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors could cause us to incur higher costs and could cause the delay or termination of clinical studies, regulatory submissions,
required approvals or commercialization of our product candidates. Furthermore, if our suppliers fail to meet contractual requirements
and we are unable to secure one or more replacement suppliers capable of production at a substantially equivalent cost, our clinical
studies may be delayed or we could lose potential revenue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover
them or that our trade secrets will be misappropriated or disclosed.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we rely on third parties to develop and manufacture our product candidates, we must, at times, share trade secrets with them.
We seek to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material
transfer agreements, collaborative research agreements, consulting agreements or other similar agreements with our collaborators,
advisors, employees and consultants prior to beginning research or disclosing proprietary information. These agreements typically
limit the rights of the third parties to use or disclose our confidential information, such as trade secrets. Despite the contractual
provisions employed when working with third parties, the need to share trade secrets and other confidential information increases
the risk that such trade secrets become known by our competitors, are inadvertently incorporated into the technology of others,
or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how
and trade secrets, a competitor&rsquo;s discovery of our trade secrets or other unauthorized use or disclosure would impair our
competitive position and may have a material adverse effect on our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Commercialization of Our Product Candidates</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
the market opportunities for our product candidates are smaller than we believe they are, our revenue may be adversely affected,
and our business may suffer.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
projections of both the number of people who have our target diseases, as well as the subset of people with these diseases who
have the potential to benefit from treatment with our product candidates, are based on our beliefs and estimates. These estimates
have been derived from a variety of sources, including the scientific literature, surveys of clinics, patient foundations or market
research and may prove to be incorrect. Further, new studies may change the estimated incidence or prevalence of these diseases.
The number of patients may turn out to be lower than expected. The effort to identify patients with diseases we seek to treat
is in early stages, and we cannot accurately predict the number of patients for whom treatment might be possible. Additionally,
the potentially addressable patient population for each of our product candidates may be limited or may not be amenable to treatment
with our product candidates, and new patients may become increasingly difficult to identify or gain access to, which would adversely
affect our results of operations and our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
face intense competition and rapid technological change and the possibility that our competitors may discover, develop or commercialize
therapies that are similar, more advanced or more effective than ours, which may adversely affect our financial condition and
our ability to successfully commercialize our product candidates.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The biotechnology
and pharmaceutical industries are highly competitive. There are many pharmaceutical companies, biotechnology companies, public
and private universities and research organizations actively engaged in the research and development of products that may be similar
to our product candidates. In the United States, two oral capsules &mdash; Insys Therapeutics&rsquo;s dronabinol and Meda AB&rsquo;s
nabilone (a synthetic derivative of THC) have been approved and distributed for the treatment of nausea and vomiting associated
with cancer chemotherapy in patients who have not responded adequately to conventional antiemetic treatments. Dronabinol capsules
are also approved for anorexia associated with weight loss in patients with acquired immune deficiency syndrome, or AIDS. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware of multiple companies that are working in the&nbsp;cannabis&nbsp;therapeutic area and are pursuing regulatory approval
for their product candidates. For example, GW Pharmaceuticals&nbsp;PLC, which markets Sativex, a botanical cannabinoid oral mucosal
for the treatment of spasticity due to multiple sclerosis is seeking FDA approval in the United States, and is developing Epidiolex,
a liquid formulation of highly purified cannabidiol extract, as a treatment for Dravet&rsquo;s Syndrome, Lennox Gastaut Syndrome,
and various childhood epilepsy syndromes. Insys Therapeutics,&nbsp;Inc. is also seeking FDA approval for an orally-administered
liquid formulation of its synthetic cannabidiol compound as a treatment for Dravet&rsquo;s Syndrome, Lennox Gastaut Syndrome,
and other childhood epilepsy syndromes and dronabinol oral solution as a treatment for nausea and vomiting associated with cancer
chemotherapy and anorexia / weight loss in patients with AIDS. Zynerba Pharmaceuticals, Inc. is developing a transdermal formulation
of cannabidiol, and Nemus Bioscience,&nbsp;Inc. is focused on the discovery, development and commercialization of&nbsp;cannabis&nbsp;therapeutics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
established companies may have a competitive advantage over us due to their greater size, cash flows and institutional experience.
Compared to us, many of our competitors may have significantly greater financial, technical and human resources. As a result of
these factors, our competitors may have an advantage in marketing their approved products and may obtain regulatory approval of
their product candidates before we are able to, which may limit our ability to develop or commercialize our product candidates.
Our competitors may also develop drugs that are safer, more effective, more widely used and less expensive than ours, and may
also be more successful than us in manufacturing and marketing their products. These advantages could materially impact our ability
to develop and commercialize our product candidates successfully.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
product candidates may also compete with medical and recreational marijuana, in markets where the recreational and/or medical
use of marijuana is legal. There is support in the United&nbsp;States for further legalization of marijuana. In markets where
recreational and/or medical marijuana is not legal, our product candidates may compete with marijuana purchased in the illegal
drug market. We cannot assess the extent to which patients may utilize marijuana obtained illegally for the treatment of the indications
for which we are developing our product candidates.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Even if we successfully
develop our product candidates, and obtain marketing approval for them, other treatments or therapeutics may be preferred and
we may not be successful in commercializing our product candidates or in bringing them to market. </P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our competitors have substantially greater financial, technical and other resources, such as larger research and development
staff and experienced marketing and manufacturing organizations. Additional mergers and acquisitions in the biotechnology and
pharmaceutical industries may result in even more resources being concentrated in our competitors. As a result, these companies
may obtain regulatory approval more rapidly than we are able to and may be more effective in selling and marketing their products
as well. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements
with large, established companies. Competition may increase further as a result of advances in the commercial applicability of
technologies and greater availability of capital for investment in these industries. Our competitors may succeed in developing,
acquiring or licensing on an exclusive basis, products that are more effective or less costly than any product candidate that
we may develop, or achieve earlier patent protection, regulatory approval, product commercialization and market penetration than
we do. Additionally, technologies developed by our competitors may render our potential product candidates uneconomical or obsolete,
and we may not be successful in marketing our product candidates against competitors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
currently have no marketing and sales organization. If we are unable to establish sales and marketing capabilities or enter into
agreements with third parties to market and sell our product candidates, we may be unable to generate any revenue.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our employees may have sold other similar products in the past while employed at other companies, we as a company have no experience
selling and marketing our product candidates and we currently have no marketing or sales organization. To successfully commercialize
any products that may result from our development programs, we will need to develop these capabilities, either on our own or with
others. If our product candidates receive regulatory approval, we intend to establish a sales and marketing organization with
technical expertise and supporting distribution capabilities to commercialize our product candidates in major markets, which will
be expensive, difficult and time consuming. Any failure or delay in the development of our internal sales, marketing and distribution
capabilities would adversely impact the commercialization of our products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
given our lack of prior experience in marketing and selling pharmaceutical products, our initial estimate of the size of the required
sales force may be materially more or less than the size of the sales force actually required to effectively commercialize our
product candidates. As such, we may be required to hire substantially more sales representatives to adequately support the commercialization
of our product candidates or we may incur excess costs as a result of hiring more sales representatives than necessary. With respect
to certain geographical markets, we may enter into collaborations with other entities to utilize their local marketing and distribution
capabilities, but we may be unable to enter into such agreements on favorable terms, if at all. If our future collaborators do
not commit sufficient resources to commercialize our future products, if any, and we are unable to develop the necessary marketing
capabilities on our own, we will be unable to generate sufficient product revenue to sustain our business. We may be competing
with companies that currently have extensive and well-funded marketing and sales operations. Without an internal team or the support
of a third party to perform marketing and sales functions, we may be unable to compete successfully against these more established
companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
commercial success of any current or future product candidate will depend upon the degree of market acceptance by physicians,
patients, third-party payors and others in the medical community.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
with the requisite approvals from the FDA and comparable foreign regulatory authorities, the commercial success of our product
candidates will depend in part on the medical community, patients and third-party payors accepting our product candidates as medically
useful, cost-effective and safe. Any product that we bring to the market may not gain market acceptance by physicians, patients,
third-party payors and others in the medical community. The degree of market acceptance of any of our product candidates, if approved
for commercial sale, will depend on a number of factors, including:</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    safety and efficacy of the product as demonstrated in clinical studies and potential advantages over competing treatments;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    prevalence and severity of any side effects, including any limitations or warnings contained in a product&rsquo;s approved
    labeling;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    clinical indications for which approval is granted;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relative
    convenience and ease of administration;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of treatment, particularly in relation to competing treatments;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    willingness of the target patient population to try new therapies and of physicians to prescribe these therapies;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    strength of marketing and distribution support and timing of market introduction of competitive products;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">publicity
    concerning our products or competing products and treatments; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sufficient
    third-party insurance coverage and reimbursement.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if a potential product displays a favorable efficacy and safety profile in preclinical and clinical studies, market acceptance
of the product will not be fully known until after it is launched. Our efforts to educate the medical community and third-party
payors on the benefits of the product candidates may require significant resources and may never be successful. If our product
candidates are approved but fail to achieve an adequate level of acceptance by physicians, patients, third-party payors and others
in the medical community, we will not be able to generate sufficient revenue to become or remain profitable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
insurance coverage and reimbursement status of newly-approved products is uncertain. Failure to obtain or maintain adequate coverage
and reimbursement for new or current products could limit our ability to market those products and decrease our ability to generate
revenue.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pricing, coverage and reimbursement of our product candidates, if approved, must be adequate to support our commercial infrastructure.
Our per-patient prices must be sufficient to recover our development and manufacturing costs and potentially achieve profitability.
Accordingly, the availability and adequacy of coverage and reimbursement by governmental and private payors are essential for
most patients to be able to afford expensive treatments such as ours, assuming approval. Sales of our product candidates will
depend substantially, both domestically and abroad, on the extent to which the costs of our product candidates will be paid for
by health maintenance, managed care, pharmacy benefit and similar healthcare management organizations, or reimbursed by government
authorities, private health insurers and other third-party payors. If coverage and reimbursement are not available, or are available
only to limited levels, we may not be able to successfully commercialize our product candidates. Even if coverage is provided,
the approved reimbursement amount may not be high enough to allow us to establish or maintain pricing sufficient to realize a
return on our investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is significant uncertainty related to the insurance coverage and reimbursement of newly approved products. In the United States,
the principal decisions about coverage and reimbursement for new drugs are typically made by the Centers for Medicare&nbsp;&amp;
Medicaid Services, or CMS, an agency within the U.S. Department of Health and Human Services, as CMS decides whether and to what
extent a new drug will be covered and reimbursed under Medicare. Private payors tend to follow the coverage reimbursement policies
established by CMS to a substantial degree. It is difficult to predict what CMS will decide with respect to reimbursement for
products such as ours.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outside
the United States, international operations are generally subject to extensive governmental price controls and other market regulations,
and we believe the increasing emphasis on cost-containment initiatives in Europe, Canada and other countries has and will continue
to put pressure on the pricing and usage of our product candidates. In many countries, the prices of medical products are subject
to varying price control mechanisms as part of national health systems. In general, the prices of medicines under such systems
are substantially lower than in the United States. Other countries allow companies to fix their own prices for medicinal products,
but monitor and control company profits. Additional foreign price controls or other changes in pricing regulation could restrict
the amount that we are able to charge for our product candidates. Accordingly, in markets outside the United States, the reimbursement
for our products may be reduced compared with the United States and may be insufficient to generate commercially reasonable revenue
and profits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
increasing efforts by governmental and third-party payors in the United States and abroad to cap or reduce healthcare costs may
cause such organizations to limit both coverage and the level of reimbursement for new products approved and, as a result, they
may not cover or provide adequate payment for our product candidates. We expect to experience pricing pressures in connection
with the sale of any of our product candidates due to the trend toward managed healthcare, the increasing influence of health
maintenance organizations and additional legislative changes. The downward pressure on healthcare costs in general, particularly
prescription drugs and surgical procedures and other treatments, has become very intense. As a result, increasingly high barriers
are being erected to the entry of new products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Healthcare
legislative reform measures may have a material adverse effect on our business and results of operations. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, there have been and continue to be a number of legislative initiatives to contain healthcare costs. For example,
in 2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act, or collectively,
the Affordable Care Act, was passed. The Affordable Care Act is a sweeping law intended to broaden access to health insurance,
reduce or constrain the growth of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements
for healthcare and the health insurance industry, impose new taxes and fees on the healthcare industry and impose additional health
policy reforms. This law revises the definition of &ldquo;average manufacturer price&rdquo; for reporting purposes, which could
increase the amount of Medicaid drug rebates to states once the provision is effective. Further, the law imposes a significant
annual fee on companies that manufacture or import branded prescription drug products. Substantial new provisions affecting compliance
have also been enacted, which may require us to modify our business practices with healthcare practitioners. While the U.S. Supreme
Court upheld the constitutionality of most elements of the Affordable Care Act in 2012, other legal challenges are still pending
final adjudication in several jurisdictions. In addition, Congress has also proposed a number of legislative initiatives, including
possible repeal of the Affordable Care Act. At this time, it remains unclear whether there will be any changes made to the Affordable
Care Act, whether to certain provisions or its entirety. We can provide no assurance that the Affordable Care Act, as currently
enacted or as amended in the future, will not adversely affect our business and financial results, and we cannot predict how future
federal or state legislative or administrative changes relating to healthcare reform will affect our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, other legislative changes have been proposed and adopted in the United States since the Affordable Care Act was enacted.
In 2011, the Budget Control Act of 2011, among other things, created measures for spending reductions by Congress. A Joint Select
Committee on Deficit Reduction, tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years
2013 through 2021, was unable to reach required goals, thereby triggering the legislation&rsquo;s automatic reduction to several
government programs. This includes aggregate reductions of Medicare payments to providers up to 2%&nbsp;per fiscal year. In 2013,
the 2% Medicare payment reductions went into effect. We expect that additional state and federal healthcare reform measures will
be adopted in the future, any of which could limit the amounts that federal and state governments will pay for healthcare products
and services, which could result in reduced demand for our product candidates or additional pricing pressures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Intellectual Property </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we are unable to obtain and maintain effective patent rights for our product candidates, we may not be able to compete effectively
in our markets. If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information
may be used by others to compete against us. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we have relied on trade secret protection and confidentiality agreements to protect the intellectual property related to our technologies
and product candidates. Since 2015, we have also sought patent protection for certain of our product candidates. Our success depends
in large part on our ability to obtain and maintain patent and other intellectual property protection in the United States and
in other countries with respect to our proprietary technology and new product candidates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have sought to protect our proprietary position by filing patent applications in the United States and in other countries, with
respect to our novel technologies and product candidates, which are important to our business. Patent prosecution is expensive
and time consuming, and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable
cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development
output before it is too late to obtain patent protection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a growing portfolio of three provisional patent applications with the U.S. Patent and Trademark Office, or USPTO, three patent
applications with the World Intellectual Property Organization, or WIPO, filed under the Paris Convention Treaty, or PCT, and
two issued U.S. patents. We cannot offer any assurances about which, if any, patent applications will issue, the breadth of any
such patent or whether any issued patents will be found invalid and unenforceable or will be threatened by third parties. Any
successful opposition to these patents or any other patents owned by or licensed to us after patent issuance could deprive us
of rights necessary for the successful commercialization of any new product candidates that we may develop.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> We
have also exclusively licensed six patents and their continuations and foreign counterparts from Dekel Pharmaceuticals Ltd., or
Dekel, Ramot, Yissum Research Development Company of the Hebrew University of Jerusalem Ltd., or Yissum, and other pharmaceutical
companies covering some of our underlying core technology. To the extent the licensed patents are found to be invalid or unenforceable,
we may be limited in our ability to compete and market our product candidates. Moreover, the terms of our licenses affect our
ability to control the value of any of our product candidates. If we or any of the parties that control the enforcement of the
licensed patents elect not to enforce any or all of the licensed patents it could significantly undercut the value of any of our
product candidates, which would materially adversely affect our future revenue, financial condition and results of operations.
Moreover, fluctuating currency rates may create inconsistencies in the royalty payments we have under the license. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
there is no guarantee that the patent registration applications that were submitted by us with regards to our technologies will
result in patent registration. In the event of failure to complete patent registration, our developments will not be proprietary,
which might allow other entities to manufacture our product candidates and compete with them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
there is no assurance that all potentially relevant prior art relating to our patent applications has been found, which can invalidate
a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue, and even if
such patents cover our product candidates, third parties may challenge their validity, enforceability, or scope, which may result
in such patents being narrowed, found unenforceable or invalidated. Furthermore, even if they are unchallenged, our patent applications
and any future patents may not adequately protect our intellectual property, provide exclusivity for our new product candidates,
or prevent others from designing around our claims. Any of these outcomes could impair our ability to prevent competition from
third parties, which may have an adverse impact on our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we cannot obtain and maintain effective patent rights for our product candidates, we may not be able to compete effectively, and
our business and results of operations would be harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to identify infringements of our patents and accordingly the enforcement of our intellectual property rights may
be difficult.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> The drug substance in
some of our product candidates is repurposed, which means that it is available in other pharmaceutical products for the purpose
of treating indications that are different from the indications for our product candidates. It is possible that if we receive
regulatory approval to market and sell our drug candidates, some patients that receive a prescription could be sold the same drug
substance but not our product candidate. It would be difficult, if not impossible for us to identify such instances that may constitute
an infringement of our patents. In addition, because the drug substance of some of our product candidates is repurposed, such
substance may not be eligible for protection by patents or data exclusivity. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we are unable to maintain effective proprietary rights for our product candidates, we may not be able to compete effectively in
our markets.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the protection afforded by any patents currently owned and that may be granted, historically, we have relied on trade
secret protection and confidentiality agreements to protect proprietary know-how that is not patentable or that we elect not to
patent, processes that are not easily known, knowable or easily ascertainable, and for which patent infringement is difficult
to monitor and enforce and any other elements of our product candidate discovery and development processes that involve proprietary
know-how, information or technology that is not covered by patents. However, trade secrets can be difficult to protect. We seek
to protect our proprietary technology and processes, in part, by entering into confidentiality agreements with our employees,
consultants, scientific advisors, and contractors. We also seek to preserve the integrity and confidentiality of our data, trade
secrets and intellectual property by maintaining physical security of our premises and physical and electronic security of our
information technology systems. Agreements or security measures may be breached, and we may not have adequate remedies for any
breach. In addition, our trade secrets and intellectual property may otherwise become known or be independently discovered by
competitors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide any assurances that our trade secrets and other confidential proprietary information will not be disclosed in violation
of our confidentiality agreements or that competitors will not otherwise gain access to our trade secrets or independently develop
substantially equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our
trade secrets and intellectual property could impair our competitive position and may have a material adverse effect on our business.
Additionally, if the steps taken to maintain our trade secrets and intellectual property are deemed inadequate, we may have insufficient
recourse against third parties for misappropriating any trade secret.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Intellectual
property rights of third parties could adversely affect our ability to commercialize our product candidates, and we might be required
to litigate or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses
could be costly or not available on commercially reasonable terms.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is inherently difficult to conclusively assess our freedom to operate without infringing on third party rights. Our competitive
position may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or
other third party intellectual property rights are held to cover our product candidates or elements thereof, or our manufacturing
or uses relevant to our development plans. In such cases, we may not be in a position to develop or commercialize product candidates
or our product candidates unless we successfully pursue litigation to nullify or invalidate the third party intellectual property
right concerned, or enter into a license agreement with the intellectual property right holder, if available on commercially reasonable
terms. There may also be pending patent applications that if they result in issued patents, could be alleged to be infringed by
our new product candidates. If such an infringement claim should be brought and be successful, we may be required to pay substantial
damages, be forced to abandon our new product candidates or seek a license from any patent holders. No assurances can be given
that a license will be available on commercially reasonable terms, if at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also possible that we have failed to identify relevant third party patents or applications. For example, U.S. patent applications
filed before November 29, 2000 and certain U.S. patent applications filed after that date that will not be filed outside the United
States remain confidential until patents issue. Patent applications in the United States and elsewhere are published approximately
18 months after the earliest filing for which priority is claimed, with such earliest filing date being commonly referred to as
the priority date. Therefore, patent applications covering our new product candidates or platform technology could have been filed
by others without our knowledge. Additionally, pending patent applications which have been published can, subject to certain limitations,
be later amended in a manner that could cover our platform technologies, our new product candidates or the use of our new product
candidates. Third party intellectual property right holders may also actively bring infringement claims against us. We cannot
guarantee that we will be able to successfully settle or otherwise resolve such infringement claims. If we are unable to successfully
settle future claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable and time-consuming
litigation and may be prevented from or experience substantial delays in pursuing the development of and/or marketing our new
product candidates. If we fail in any such dispute, in addition to being forced to pay damages, we may be temporarily or permanently
prohibited from commercializing our new product candidates that are held to be infringing. We might, if possible, also be forced
to redesign our new product candidates so that we no longer infringe the third party intellectual property rights. Any of these
events, even if we were ultimately to prevail, could require us to divert substantial financial and management resources that
we would otherwise be able to devote to our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Third-party
claims of intellectual property infringement may prevent or delay our development and commercialization efforts.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial success depends in part on our avoiding infringement of the patents and proprietary rights of third parties. Numerous
U.S. and foreign issued patents and pending patent applications, which are owned by third parties, exist in the fields in which
we are developing new product candidates. As our industries expand and more patents are issued, the risk increases that our product
candidates may be subject to claims of infringement of the patent rights of third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties may assert that we are employing their proprietary technology without authorization. There may be third-party patents
or patent applications with claims to materials, designs or methods of manufacture related to the use or manufacture of our product
candidates. There may be currently pending patent applications that may later result in issued patents that our product candidates
may infringe. In addition, third parties may obtain patents in the future and claim that use of our technologies infringes upon
these patents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any third-party patents were held by a court of competent jurisdiction to cover aspects of our formulations, processes for designs,
or methods of use, the holders of any such patents may be able to block our ability to develop and commercialize the applicable
product candidate unless we obtain a license or until such patent expires or is finally determined to be invalid or unenforceable.
In either case, such a license may not be available on commercially reasonable terms or at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
making claims against us may obtain injunctive or other equitable relief, which could effectively block our ability to further
develop and commercialize one or more of our product candidates. Defense of these claims, regardless of their merit, would involve
substantial litigation expense and would be a substantial diversion of employee resources from our business. In the event of a
successful claim of infringement against us, we may have to pay substantial damages, including treble damages and attorneys&rsquo;
fees for willful infringement, pay royalties, redesign our infringing product candidates or obtain one or more licenses from third
parties, which may be impossible or require substantial time and monetary expenditure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Patent
policy and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and
the enforcement or defense of any issued patents.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value
of any patents that may issue from our patent applications, or narrow the scope of our patent protection. The laws of foreign
countries may not protect our rights to the same extent as the laws of the United States. Publications of discoveries in the scientific
literature often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically
not published until 18 months after filing, or in some cases not at all. We therefore cannot be certain that we were the first
to file the invention claimed in our owned and licensed patent or pending applications, or that we or our licensor were the first
to file for patent protection of such inventions. Assuming all other requirements for patentability are met, in the United States
prior to March 15, 2013, the first to make the claimed invention without undue delay in filing, is entitled to the patent, while
outside the United States, the first to file a patent application is entitled to the patent. After March 15, 2013, under the Leahy-Smith
America Invents Act, or the Leahy-Smith Act, enacted on September 16, 2011, the United States has moved to a first to file system.
The Leahy-Smith Act also includes a number of significant changes that affect the way patent applications will be prosecuted and
may also affect patent litigation. In general, the Leahy-Smith Act and its implementation could increase the uncertainties and
costs surrounding the prosecution of our patent applications and the enforcement or defense of any issued patents, all of which
could have a material adverse effect on our business and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may infringe our intellectual property. If we were to initiate legal proceedings against a third party to enforce a patent covering
one of our new product candidates, the defendant could counterclaim that the patent covering our product candidate is invalid
and/or unenforceable. In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability
are commonplace. Grounds for a validity challenge could be an alleged failure to meet any of several statutory requirements, including
lack of novelty, obviousness, or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone
connected with prosecution of the patent withheld relevant information from the USPTO, or made a misleading statement, during
prosecution. Under the Leahy-Smith Act, the validity of U.S. patents may also be challenged in post-grant proceedings before the
USPTO. The outcome following legal assertions of invalidity and unenforceability is unpredictable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivation
proceedings initiated by third parties or brought by us may be necessary to determine the priority of inventions and/or their
scope with respect to our patent or patent applications or those of our licensors. An unfavorable outcome could require us to
cease using the related technology or to attempt to license rights to it from the prevailing party. Our business could be harmed
if the prevailing party does not offer us a license on commercially reasonable terms. Our defense of litigation or interference
proceedings may fail and, even if successful, may result in substantial costs and distract our management and other employees.
In addition, the uncertainties associated with litigation could have a material adverse effect on our ability to raise the funds
necessary to continue our clinical trials, continue our research programs, license necessary technology from third parties, or
enter into development partnerships that would help us bring our new product candidates to market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that
some of our confidential information could be compromised by disclosure during this type of litigation. There could also be public
announcements of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors
perceive these results to be negative, it could have a material adverse effect on the price of our Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be subject to claims challenging the inventorship of our intellectual property.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to claims that former employees, collaborators or other third parties have an interest in, or right to compensation,
with respect to our current patent and patent applications, future patents or other intellectual property as an inventor or co-inventor.
For example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in
developing our product candidates. Litigation may be necessary to defend against these and other claims challenging inventorship
or claiming the right to compensation. If we fail in defending any such claims, in addition to paying monetary damages, we may
lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such
an outcome could have a material adverse effect on our business. Even if we are successful in defending against such claims, litigation
could result in substantial costs and be a distraction to management and other employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to protect our intellectual property rights throughout the world.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing,
prosecuting, and defending patents on product candidates, as well as monitoring their infringement in all countries throughout
the world would be prohibitively expensive, and our intellectual property rights in some countries can be less extensive than
those in the United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the
same extent as federal and state laws in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and may also
export otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that
in the United States. These products may compete with our product candidates. Future patents or other intellectual property rights
may not be effective or sufficient to prevent them from competing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions.
The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade
secrets, and other intellectual property protection, which could make it difficult for us to stop the marketing of competing products
in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions, whether or
not successful, could result in substantial costs and divert our efforts and attention from other aspects of our business, could
put our future patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing
and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages
or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to monitor and enforce our intellectual
property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property
that we develop or license. <B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Actual or perceived conflicts of
interest may exist with respect to intellectual property rights that we license from an entity controlled by our Chairman.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> In June 2015, we entered
into a license agreement with Dekel, an Israeli private company controlled by Dr. Ascher Shmulewitz, the chairman of our Board
of Directors, under which we were granted an irrevocable, worldwide, exclusive, royalty-free license to certain of Dekel&rsquo;s
technology. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> If there is a dispute
between us and Dekel, Mr. Shmulewitz will have a conflict of interest because he may, at the time of a prospective dispute, simultaneously
have a financial interest in and owe a fiduciary duty to Dekel and simultaneously have a financial interest in and owe a fiduciary
duty to us. For example, if a contractual dispute arises between us and Dekel under the license agreement, Mr. Shmulewitz may
be in a position where he would benefit if Dekel prevails, to the detriment of our business or our investors, due to his controlling
interest in Dekel. We cannot assure you that any conflicts will be resolved in our favor, and as a result, our business could
be impeded or materially harmed.&nbsp; Furthermore, any future transactions that we enter into with Dekel may be considered as
related party transactions under Israeli law, and in many instances may require the approval of our shareholders. Seeking shareholder
approval can be a lengthy and costly process, and we cannot be certain that our shareholders will approve any such transactions. </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Business Operations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
manage our business through a small number of employees and key consultants. We depend on them even more than similarly-situated
companies.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have a total of five full-time employees and three dedicated consultants that work for us on a part-time basis. Our chief financial
officer and chief strategy officer each work for us on a part-time basis (approximately 55% and 20% of their business hours, respectively).
In addition, any of our employees and consultants may leave our company at any time, subject to certain notice periods. The loss
of the services of any of our executive officers or any key employees or consultants would adversely affect our ability to execute
our business plan and harm our operating results. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not currently carry &ldquo;key person&rdquo; insurance on the lives of members of management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will need to expand our organization and we may experience difficulties in recruiting needed additional employees and consultants,
which could disrupt our operations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our development and commercialization plans and strategies develop and because we are so leanly staffed, we will need additional
managerial, operational, sales, marketing, financial, legal and other resources. The competition for qualified personnel in the
pharmaceutical field is intense. Due to this intense competition, we may be unable to attract and retain qualified personnel necessary
for the development of our business or to recruit suitable replacement personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management may need to divert a disproportionate amount of its attention away from our day-to-day activities and devote a substantial
amount of time to managing these growth activities. We may not be able to effectively manage the expansion of our operations,
which may result in weaknesses in our infrastructure, operational mistakes, loss of business opportunities, loss of employees
and reduced productivity among remaining employees. Our expected growth could require significant capital expenditures and may
divert financial resources from other projects, such as the development of additional product candidates. If our management is
unable to effectively manage our growth, our expenses may increase more than expected, our ability to generate and/or grow revenue
could be reduced and we may not be able to implement our business strategy. Our future financial performance and our ability to
commercialize product candidates and compete effectively will depend, in part, on our ability to effectively manage any future
growth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we fail to obtain or maintain orphan drug exclusivity for our products, our competitors may sell products to treat the same conditions
and our revenue will be reduced</I>. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, our business strategy focuses on the development of drugs that are eligible for FDA and EU orphan drug designation.
Under the Orphan Drug Act, the FDA may designate a product as an orphan drug if it is intended to treat a rare disease or condition,
defined as a patient population of fewer than 200,000 in the United States, or a patient population greater than 200,000 in the
United States where there is no reasonable expectation that the cost of developing the drug will be recovered from sales in the
United States. In the European Union, the EMA&rsquo;s Committee for Orphan Medicinal Products (COMP), grants orphan drug designation
to promote the development of products that are intended for the diagnosis, prevention or treatment of a life-threatening or chronically
debilitating condition affecting not more than five in 10,000&nbsp;persons in the European Union Community. Additionally, designation
is granted for products intended for the diagnosis, prevention or treatment of a life-threatening, seriously debilitating or serious
and chronic condition and when, without incentives, it is unlikely that sales of the drug in the European Union would be sufficient
to justify the necessary investment in developing the drug.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards
clinical trial costs, tax advantages and user-fee waivers. In addition, if a product receives the first FDA approval for the indication
for which it has orphan designation, the product is entitled to orphan drug exclusivity, which means the FDA may not approve any
other application to market the same drug for the same indication for a period of seven&nbsp;years, except in limited circumstances,
such as a showing of clinical superiority over the product with orphan exclusivity or where the manufacturer is unable to assure
sufficient product quantity. In the European Union, orphan drug designation also entitles a party to financial incentives such
as reduction of fees or fee waivers and 10 years of market exclusivity is granted following drug approval. This period may be
reduced to six years if the orphan drug designation criteria are no longer met, including where it is shown that the product is
sufficiently profitable not to justify maintenance of market exclusivity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the extent and scope of patent protection for our products may in some cases be limited, orphan drug designation is especially
important for our products for which orphan drug designation may be available. For eligible drugs, we plan to rely on the exclusivity
period under the Orphan Drug Act to maintain a competitive position. If we do not obtain orphan drug exclusivity for our drug
products that do not have broad patent protection, our competitors may then sell the same drug to treat the same condition sooner
than if we had obtained orphan drug exclusivity and our revenue will be reduced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
even if we obtain orphan drug exclusivity for a product, that exclusivity may not effectively protect the product from competition
because different drugs with different active moieties can be approved for the same condition. Even after an orphan drug is approved,
the FDA can subsequently approve the same drug with the same active moiety for the same condition if the FDA concludes that the
later drug is safer, more effective or makes a major contribution to patient care. Orphan drug designation neither shortens the
development time or regulatory review time of a drug nor gives the drug any advantage in the regulatory review or approval process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be successful in our efforts to identify, license or discover additional product candidates.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
a substantial amount of our effort will focus on the continued clinical testing, potential approval and commercialization of our
existing product candidates, the success of our business also depends in part upon our ability to identify, license or discover
additional product candidates. Our research programs or licensing efforts may fail to yield additional product candidates for
clinical development for a number of reasons, including but not limited to the following:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    research or business development methodology or search criteria and process may be unsuccessful in identifying potential product
    candidates;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

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<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: .3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able or willing to assemble sufficient resources to acquire or discover additional product candidates;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    product candidates may not succeed in preclinical or clinical testing;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    potential product candidates may be shown to have harmful side effects or may have other characteristics that may make the
    products unmarketable or unlikely to receive marketing approval;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitors
    may develop alternatives that render our product candidates obsolete or less attractive;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    candidates we develop may be covered by third parties&rsquo; patents or other exclusive rights;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market for a product candidate may change during our program so that such a product may become unreasonable to continue to
    develop;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    product candidate may not be capable of being produced in commercial quantities at an acceptable cost, or at all; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    product candidate may not be accepted as safe and effective by patients, the medical community or third-party payors.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of these events occur, we may be forced to abandon our development efforts for a program or programs, or we may not be able
to identify, license or discover additional product candidates, which would have a material adverse effect on our business and
could potentially cause us to cease operations. Research programs to identify new product candidates require substantial technical,
financial and human resources. We may focus our efforts and resources on potential programs or product candidates that ultimately
prove to be unsuccessful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will incur significant increased costs as a result of the listing of our securities for trading on NASDAQ and thereby becoming
a public company in the United States as well as in Israel, and our management will be required to devote substantial time to
new compliance initiatives as well as compliance with ongoing U.S. and Israeli requirements.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the listing of securities on NASDAQ, we will become a publicly traded company in the United States. As a public company in the
United States, we will incur additional significant accounting, legal and other expenses that we did not incur before the offering.
We also anticipate that we will incur costs associated with corporate governance requirements of the SEC and NASDAQ, as well as
requirements under Section 404 and other provisions of the Sarbanes-Oxley Act. We expect these rules and regulations to increase
our legal and financial compliance costs, introduce new costs such as investor relations, stock exchange listing fees and shareholder
reporting, and to make some activities more time consuming and costly. The implementation and testing of such processes and systems
may require us to hire outside consultants and incur other significant costs. Any future changes in the laws and regulations affecting
public companies in the United States, including Section 404 and other provisions of the Sarbanes-Oxley Act, and the rules and
regulations adopted by the SEC and NASDAQ, for so long as they apply to us, will result in increased costs to us as we respond
to such changes. These laws, rules and regulations could make it more difficult or more costly for us to obtain certain types
of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage
or incur substantially higher costs to obtain the same or similar coverage. The impact of these requirements could also make it
more difficult for us to attract and retain qualified persons to serve on our Board of Directors, our board committees, if any,
or as executive officers.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws and health information
privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we obtain FDA approval for any of our product candidates and begin commercializing those products in the United States, our operations
may be directly or indirectly through our customers, subject to various federal and state fraud and abuse laws, including, without
limitation, the federal Anti-Kickback Statute, the federal False Claims Act and physician sunshine laws and regulations. These
laws may impact, among other things, our proposed sales, marketing and education programs. In addition, we may be subject to patient
privacy regulation by both the federal government and the states in which we conduct our business. The laws that may affect our
ability to operate include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly and willfully soliciting, receiving,
    offering or paying remuneration, directly or indirectly, to induce, or in return for, the purchase or recommendation of an
    item or service reimbursable under a federal healthcare program, such as the Medicare and Medicaid programs;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">federal
    civil and criminal false claims laws and civil monetary penalty laws, which prohibit, among other things, individuals or entities
    from knowingly presenting, or causing to be presented, claims for payment from Medicare, Medicaid or other third-party payors
    that are false or fraudulent;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Health Insurance Portability and Accountability Act of 1996 (HIPAA), which created new federal criminal statutes that
    prohibit executing a scheme to defraud any healthcare benefit program and making false statements relating to healthcare matters;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIPAA,
    as amended by the Health Information Technology and Clinical Health Act (HITECH), and its implementing regulations, which
    imposes certain requirements relating to the privacy, security and transmission of individually identifiable health information;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal physician sunshine requirements under the Affordable Care Act requires&nbsp;manufacturers of drugs, devices and medical
    supplies to report annually to the U.S. Department of Health and Human Services information related to payments and other
    transfers of value to physicians, other healthcare providers and teaching hospitals and ownership and investment interests
    held by physicians and other healthcare providers and their immediate family members and applicable group purchasing organizations;
    and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">state
    law equivalents of each of the above federal laws, such as anti-kickback and false claims laws that may apply to items or
    services reimbursed by any third-party payor, including commercial insurers, state laws that require pharmaceutical companies
    to comply with the pharmaceutical industry&rsquo;s voluntary compliance guidelines and the relevant compliance guidance promulgated
    by the federal government, or otherwise restrict payments that may be made to healthcare providers and other potential referral
    sources; state laws that require drug manufacturers to report information related to payments and other transfers of value
    to physicians and other healthcare providers or marketing expenditures and state laws governing the privacy and security of
    health information in certain circumstances, many of which differ from each other in significant ways and may not have the
    same effect, thus complicating compliance efforts.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the breadth of these laws and the narrowness of the statutory exceptions and safe harbors available, it is possible that some
of our business activities could be subject to challenge under one or more of such laws. In addition, recent health care reform
legislation has strengthened these laws. For example, the Affordable Care Act, among other things, amends the intent requirement
of the federal anti-kickback and criminal healthcare fraud statutes. A person or entity no longer needs to have actual knowledge
of this statute or specific intent to violate it. Moreover, the Affordable Care Act provides that the government may assert that
a claim including items or services resulting from a violation of the federal anti-kickback statute constitutes a false or fraudulent
claim for purposes of the False Claims Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our operations are found to be in violation of any of the laws described above or any other governmental regulations that apply
to us, we may be subject to penalties, including civil and criminal penalties, damages, fines, exclusion from participation in
government health care programs, such as Medicare and Medicaid, imprisonment and the curtailment or restructuring of our operations,
any of which could adversely affect our ability to operate our business and our results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>International
expansion of our business exposes us to business, regulatory, political, operational, financial and economic risks associated
with doing business outside of the United States or Israel.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than our headquarters and other operations which are located in Israel (as further described below), we currently have limited
international operations, but our business strategy incorporates potentially significant international expansion, particularly
in anticipation of approval of our product candidates. We plan to maintain sales representatives and conduct physician and patient
association outreach activities, as well as clinical trials, outside of the United States and Israel. Doing business internationally
involves a number of risks, including but not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">multiple,
    conflicting and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment
    laws, regulatory requirements and other governmental approvals, permits and licenses;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    by us to obtain regulatory approvals for the use of our products in various countries;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional
    potentially relevant third-party patent rights;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">complexities
    and difficulties in obtaining protection and enforcing our intellectual property;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in staffing and managing foreign operations;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">complexities
    associated with managing multiple payor reimbursement regimes, government payors or patient self-pay systems;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limits
    in our ability to penetrate international markets;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    risks, such as longer payment cycles, difficulty collecting accounts receivable, the impact of local and regional financial
    crises on demand and payment for our products and exposure to foreign currency exchange rate fluctuations;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
    disasters, political and economic instability, including wars, terrorism and political unrest, outbreak of disease, boycotts,
    curtailment of trade and other business restrictions;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    expenses including, among others, expenses for travel, translation and insurance; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    and compliance risks that relate to maintaining accurate information and control over sales and activities that may fall within
    the purview of the U.S. Foreign Corrupt Practices Act, or FCPA, its books and records provisions or its anti-bribery provisions.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors could significantly harm our future international expansion and operations and, consequently, our results of
operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or
incur costs that could have a material adverse effect on the success of our business. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development activities and our third-party manufacturers&rsquo; and suppliers&rsquo; activities involve the controlled
storage, use and disposal of hazardous materials, including the components of our product candidates and other hazardous compounds.
We and our manufacturers and suppliers are subject to laws and regulations governing the use, manufacture, storage, handling and
disposal of these hazardous materials. In some cases, these hazardous materials and various wastes resulting from their use are
stored at our and our manufacturers&rsquo; facilities pending their use and disposal. We cannot eliminate the risk of contamination,
which could cause an interruption of our commercialization efforts, research and development efforts, business operations and
environmental damage resulting in costly clean-up and liabilities under applicable laws and regulations governing the use, storage,
handling and disposal of these materials and specified waste products. Although we believe that the safety procedures utilized
by our third-party manufacturers for handling and disposing of these materials generally comply with the standards prescribed
by these laws and regulations, we cannot guarantee that this is the case or eliminate the risk of accidental contamination or
injury from these materials. In such an event, we may be held liable for any resulting damages and such liability could exceed
our resources and state or federal or other applicable authorities may curtail our use of certain materials and/or interrupt our
business operations. Furthermore, environmental laws and regulations are complex, change frequently and have tended to become
more stringent. We cannot predict the impact of such changes and cannot be certain of our future compliance. We do not currently
carry biological or hazardous waste insurance coverage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
use of any of our product candidates could result in product liability or similar claims that could be expensive, damage our reputation
and harm our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business exposes us to an inherent risk of potential product liability or similar claims. The pharmaceutical industry has historically
been litigious, and we face financial exposure to product liability or similar claims if the use of any of our products were to
cause or contribute to injury or death. There is also the possibility that defects in the design or manufacture of any of our
products might necessitate a product recall. Although we plan to maintain product liability insurance, the coverage limits of
these policies may not be adequate to cover future claims. In the future, we may be unable to maintain product liability insurance
on acceptable terms or at reasonable costs and such insurance may not provide us with adequate coverage against potential liabilities.
A product liability claim, regardless of merit or ultimate outcome, or any product recall could result in substantial costs to
us, damage to our reputation, customer dissatisfaction and frustration and a substantial diversion of management attention. A
successful claim brought against us in excess of, or outside of, our insurance coverage could have a material adverse effect on
our business, financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>Risks Related to
this Offering and the Ownership of The ADSs and the Offering</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>The market price of our securities
may be highly volatile, and you may not be able to resell your Ordinary Shares and warrants at or above the initial public offering
price.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Prior
to this offering, there has not been a public market in the United States for our Ordinary Shares, and an active market has not
developed for the ADSs, which have been quoted on the OTCQB since October 6, 2014. The public offering price of the ADSs in this
offering will be based, in part, on the price of our Ordinary Shares on the TASE as well as on negotiations between us and the
representative of the underwriters, which may not be indicative of prices that will prevail in the trading market. An active trading
market for the ADSs in the United States may not develop following this offering. You may not be able to sell your ADSs quickly
or at the market price if trading in our Ordinary Shares and warrants is not active. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
market price of the ADSs is likely to be volatile. The ADS price could be subject to wide fluctuations in response to a variety
of factors, including the following: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &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: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">adverse
    results or delays in preclinical studies or clinical trials;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">reports
    of adverse events in our product candidates or clinical trial failures of our product candidates;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">inability
    to obtain additional funding;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">any delay
    in filing a regulatory submission for any of our product or product candidates and any adverse development or perceived adverse
    development with respect to the review of that regulatory submission by the FDA or European or Asian authorities;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">failure
    to successfully develop and commercialize our products or product candidates;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">failure
    to enter into strategic collaborations;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">failure
    by us or strategic collaboration partners to prosecute, maintain or enforce our intellectual property rights;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">changes
    in laws or regulations applicable to future products;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">inability
    to scale up our manufacturing capabilities through third-party manufacturers, inability to obtain adequate product supply
    for our products or the inability to do so at acceptable prices;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">introduction
    of new products or technologies by our competitors;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">failure
    to meet or exceed financial projections we may provide to the public;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">failure
    to meet or exceed the financial expectations of the investment community;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">announcements
    of significant acquisitions, strategic partnerships, joint ventures or capital commitments by our competitors;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">disputes
    or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent
    protection for our platform technologies, technologies, products or product candidates;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">additions
    or departures of key scientific or management personnel;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">significant
    lawsuits, including patent or shareholder litigation;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">changes
    in the market valuations of similar companies;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">sales of
    our securities by us or our shareholders in the future; and</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding: 0pt; text-align: left; text-indent: 0pt"> &nbsp; </TD>
    <TD STYLE="width: .3in; padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">trading
    volumes of our securities.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> In addition, companies
trading in the stock market have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate
to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of the
ADSs, regardless of our actual operating performance. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Our securities will be traded on
more than one market or exchange and this may result in price variations.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> Our Ordinary Shares
have been trading on the TASE since December 26, 2005, and the ADSs have been quoted on the OTCQB since October 6, 2014. In conjunction
with this offering, we will apply to list &nbsp;&nbsp;the ADSs on the NASDAQ Capital Market, and delist the ADSs from the OTCQB.&nbsp;Trading
in our Ordinary Shares and ADSs on these markets will take place in different currencies (U.S. dollars on the NASDAQ Capital Market
and NIS on the TASE), and at different times (resulting from different time zones, trading days, and public holidays in the United
States and Israel). The trading prices of our shares on these two markets may differ due to these and other factors. Any decrease
in the price of our Ordinary Shares on the TASE could cause a decrease in the trading price of our Ordinary Shares and warrants
on the NASDAQ Capital Market. </P>























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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Sales of a substantial number of
the ADSs or Ordinary Shares in the public market by our existing shareholders could cause our share price to fall.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> Sales
of a substantial number of the ADSs or Ordinary Shares in the public market, or the perception that these sales might occur, could
depress the market price of the ADSs or Ordinary Shares and could impair our ability to raise capital through the sale of additional
equity securities. We are unable to predict the effect that sales may have on the prevailing market price of the ADSs or Ordinary
Shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Our principal shareholders, officers
and directors beneficially own approximately 42% of our outstanding Ordinary Shares. They will therefore be able to exert significant
control over matters submitted to our shareholders for approval.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
of September 30, 2016, our principal shareholders, officers and directors beneficially own approximately 42% of our outstanding
Ordinary Shares. This significant concentration of share ownership may adversely affect the trading price for our Ordinary Shares
because investors often perceive disadvantages in owning shares in companies with controlling shareholders. As a result, these
shareholders, if they acted together, could significantly influence or even unilaterally approve matters requiring approval by
our shareholders, including the election of directors and the approval of mergers or other business combination transactions.
The interests of these shareholders may not always coincide with our interests or the interests of other shareholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <I><B>If you purchase the ADSs in this
offering, you will incur immediate and substantial dilution in the book value of your shares.</B></I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
offering price of the ADSs is substantially higher than the net tangible book value per share of our Ordinary Shares. Therefore,
if you purchase ADSs in this offering, you will pay a price per ADS that substantially exceeds our net tangible book value per
Ordinary Share after this offering. To the extent outstanding options or warrants are exercised, you will incur further dilution.
Based on the offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, you will experience immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
ADS, representing the difference between our pro forma net tangible book value per Ordinary Share after giving effect to this
offering and the offering price. If the underwriters exercise their over-allotment option, you may experience additional dilution.
See &ldquo;Dilution&rdquo;. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Management
will have broad discretion as to the use of the proceeds from this offering, and we may not use the proceeds effectively.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management will have broad discretion in the application of the net proceeds from this offering, and could spend the proceeds
in ways that you do not agree with or that do not improve our results of operations or enhance the value of ADSs. Our failure
to apply these funds effectively could have a material adverse effect on our business and cause the price of the ADSs to decline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
JOBS Act will allow us to postpone the date by which we must comply with some of the laws and regulations intended to protect
investors and to reduce the amount of information we provide in our reports filed with the SEC, which could undermine investor
confidence in our company and adversely affect the market price of the ADSs or Ordinary Shares.</I></B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an &ldquo;emerging growth company&rdquo; as defined in the JOBS Act, we intend to take advantage of certain
exemptions from various requirements that are applicable to public companies that are not &ldquo;emerging growth companies&rdquo;
including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation
    report on the effectiveness of our internal control over financial reporting;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: .3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement
    to the auditor&rsquo;s report on the financial statements; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to furnish two rather than three years of income statements and statements of cash flows in various required filings.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to take advantage of these exemptions until we are no longer an &ldquo;emerging growth company.&rdquo; We will remain an
emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date
of our first sale of equity securities pursuant to an effective registration statement under the Securities Act, (b) in which
we have total annual gross revenue of at least $1.0 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30, and
(2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> We cannot predict
if investors will find the ADSs or Ordinary Shares less attractive because we may rely on these exemptions. If some investors
find the ADSs or Ordinary Shares less attractive as a result, there may be a less active trading market for the ADSs or Ordinary
Shares, and our market prices may be more volatile and may decline. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>As
a &ldquo;foreign private issuer&rdquo; we are permitted, and intend, to follow certain home country corporate governance practices
instead of otherwise applicable SEC and NASDAQ requirements, which may result in less protection than is accorded to investors
under rules applicable to domestic U.S. issuers.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
status as a foreign private issuer also exempts us from compliance with certain SEC laws and regulations and certain regulations
of the NASDAQ Stock Market, including the proxy rules, the short-swing profits recapture rules, and certain governance requirements
such as independent director oversight of the nomination of directors and executive compensation. In addition, we will not be
required under the Exchange Act to file current reports and financial statements with the SEC as frequently or as promptly as
U.S. domestic companies whose securities are registered under the Exchange Act and we will generally be exempt from filing quarterly
reports with the SEC. Also, although a recent amendment to the Israeli Companies Law, or the Companies Law, will require us to
disclose the annual compensation of our five most highly compensated senior officers on an individual basis (rather than on an
aggregate basis, as was permitted under the Companies Law for Israeli public companies listed overseas, such as in the United
States, prior to such amendment), this disclosure will not be as extensive as that required of a U.S. domestic issuer. For example,
it currently appears as if the disclosure required under Israeli law would be limited to compensation paid in the immediately
preceding year without any requirement to disclose option exercises and vested stock options, pension benefits or potential payments
upon termination or a change of control. Furthermore, as a foreign private issuer, we are also not subject to the requirements
of Regulation FD (Fair Disclosure) promulgated under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
exemptions and leniencies will reduce the frequency and scope of information and protections to which you are entitled as an investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Failure to achieve and maintain effective
internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business,
results of operation or financial condition. In addition, current and potential shareholders could lose confidence in our financial
reporting, which could have a material adverse effect on the price of the ADSs.</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> Effective
internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud. We will be required
to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley
Act, which requires annual management assessments of the effectiveness of our internal control over financial reporting. In addition,
if we fail to maintain the adequacy of our internal control, as such standards are modified, supplemented or amended from time
to time, we may not be able to ensure that we can conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404. Disclosing deficiencies or weaknesses in our internal control, failing to remediate
these deficiencies or weaknesses in a timely fashion or failing to achieve and maintain an effective internal control environment
may cause investors to lose confidence in our reported financial information, which could have a material adverse effect on the
price of the ADSs. If we cannot provide reliable financial reports or prevent fraud, our operating results could be harmed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be a &ldquo;passive foreign investment company&rdquo;, or PFIC, for U.S. federal income tax purposes in the current taxable
year or may become one in any subsequent taxable year. There generally would be negative tax consequences for U.S. taxpayers that
are holders of the ADSs or Ordinary Shares if we are or were to become a PFIC. </I></B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
general, we will be treated as a PFIC for U.S. federal income tax purposes in any taxable year in which either (1) at least 75%
of our gross income is &ldquo;passive income&rdquo; or (2) on average at least 50% of our assets by value produce passive income
or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of
property that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment
of funds, including those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate
share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value)
is taken into account. We have not determined whether we will be a PFIC in the year in which this offering is completed or in
future years because, among other things, PFIC status is determined annually and is based on our income, assets and activities
for the entire taxable year. &nbsp;In light of the complexity of PFIC rules, we cannot assure you that we have not been a PFIC
in prior years or are not a PFIC or will avoid becoming a PFIC in the future.&nbsp;In addition, our PFIC status may depend in
part on the market value of the ADSs or Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will
not become a PFIC in the future. If we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs or Ordinary
Shares, such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer
did not make an election to treat us as a &ldquo;qualified electing fund&rdquo;, or QEF, or make a &ldquo;mark-to-market&rdquo;
election, then &ldquo;excess distributions&rdquo; to the U.S. taxpayer, and any gain realized on the sale or other disposition
of the ADSs or Ordinary Shares by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer&rsquo;s holding period
for the ADSs or Ordinary Shares; (2) the amount allocated to the current taxable year and any period prior to the first day of
the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the
other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that
year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to
each such other taxable year. In addition, if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC for
a year with respect to which we have determined that we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely
QEF or mark-to-market election. U.S. taxpayers that have held the ADSs or Ordinary Shares during a period when we were a PFIC
will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer
who made a timely QEF or mark-to-market election. A U.S. taxpayer can make a QEF election by completing the relevant portions
of and filing IRS Form 8621 in accordance with the instructions thereto. We do not intend to notify U.S. taxpayers that hold the
ADSs or Ordinary Shares if we believe we will be treated as a PFIC for any taxable year in order to enable U.S. taxpayers to consider
whether to make a QEF election. In addition, we do not intend to furnish such U.S. taxpayers annually with information needed
in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we or any of our subsidiaries
are a PFIC. U.S. taxpayers that hold the ADSs or Ordinary Shares are strongly urged to consult their tax advisors about the PFIC
rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making a QEF or mark-to-market
election with respect to the ADSs or Ordinary Shares in the event that we are a PFIC. See &ldquo;Taxation&mdash;U.S. Federal Income
Tax Considerations&mdash;Passive Foreign Investment Companies&rdquo; for additional information. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have not paid, and do not intend to pay, dividends on our Ordinary Shares and, therefore, unless our traded securities appreciate
in value, our investors may not benefit from holding our securities.</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have not paid any cash dividends on our Ordinary Shares since inception. We do not anticipate paying any cash dividends our Ordinary
Shares in the foreseeable future. Moreover, the Companies Law imposes certain restrictions on our ability to declare and pay dividends.
See &ldquo;Description of Share Capital &mdash; Dividends&rdquo; for additional information. As a result, investors in the ADSs
or Ordinary Shares will not be able to benefit from owning these securities unless their market price becomes greater than the
price paid by such investors and they are able to sell such securities. We cannot assure you that you will ever be able to resell
our securities at a price in excess of the price paid. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"> <B><I>You may not receive
the same distributions or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances,
you may not receive dividends or other distributions on our Ordinary Shares and you may not receive any value for them, if it
is illegal or impractical to make them available to you.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="letter-spacing: -0.1pt">The
depositary for the ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on Ordinary
Shares or other deposited securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions
in proportion to the number of Ordinary Shares your ADSs represent. However, the depositary is not responsible if it decides that
it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, conversion into U.S. dollars
from foreign currency that was part of a dividend made in respect of deposited Ordinary Shares may require the approval or license
of, or a filing with, any government or agency thereof, which may be unobtainable. In these cases, the depositary may determine
not to distribute such property and hold it as &ldquo;deposited securities&rdquo; or may seek to effect a substitute dividend
or distribution, including net cash proceeds from the sale of the dividends that the depositary deems an equitable and practicable
substitute. We have no obligation to register under U.S. securities laws any ADSs, Ordinary Shares, rights or other securities
received through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, Ordinary
Shares, rights or anything else to holders of ADSs. In addition, the depositary may withhold from such dividends or distributions
its fees and an amount on account of taxes or other governmental charges to the extent the depositary believes it is required
to make such withholding. This means that you may not receive the same distributions or dividends as those we make to the holders
of our Ordinary Shares, and, in some limited circumstances, you may not receive any value for such distributions or dividends
if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value
of the ADSs.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: left"> <B><I>Holders of ADSs must act through
the depositary to exercise their rights as our shareholders</I></B><I>.</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Holders
of the ADSs do not have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying
Ordinary Shares in accordance with the provisions of the deposit agreement for the ADSs. Under Israeli law, the minimum notice
period required to convene a shareholders meeting is no less than 35 or 21 calendar days, depending on the proposals on the agenda
for the shareholders meeting. When a shareholder meeting is convened, holders of the ADSs may not receive sufficient notice of
a shareholders&rsquo; meeting to permit them to withdraw their Ordinary Shares to allow them to cast their vote with respect to
any specific matter. In addition, the depositary and its agents may not be able to send voting instructions to holders of the
ADSs or carry out their voting instructions in a timely manner. We will make all reasonable efforts to cause the depositary to
extend voting rights to holders of the ADSs in a timely manner, but we cannot assure holders that they will receive the voting
materials in time to ensure that they can instruct the depositary to vote their ADSs. Furthermore, the depositary and its agents
will not be responsible for any failure to carry out any instructions to vote, for the manner in which any vote is cast or for
the effect of any such vote. As a result, holders of the ADSs may not be able to exercise their right to vote and they may lack
recourse if their ADSs are not voted as they requested. In addition, in the capacity as a holder of ADSs, they will not be able
to call a shareholders&rsquo; meeting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"> <B><I>You may be subject
to limitations on transfer of your ADSs.</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Your ADSs are transferable
on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it
deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer
or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the
depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any
provision of the deposit agreement, or for any other reason in accordance with the terms of the deposit agreement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be subject to securities litigation, which is expensive and could divert management attention.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, companies that have experienced volatility in the market price of their stock have been subject to securities class
action litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial
costs and diversion of management&rsquo;s attention and resources, which could seriously hurt our business. Any adverse determination
in litigation could also subject us to significant liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or
if they adversely change their recommendations or publish negative reports regarding our business or our shares, our share price
and trading volume could decline.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the ADSs or Ordinary Shares will be influenced by the research and reports that industry or securities analysts
may publish about us, our business, our market or our competitors. We do not have any control over these analysts and we cannot
provide any assurance that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely
change their recommendation regarding our shares, or provide more favorable relative recommendations about our competitors, our
share price would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish
reports on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume
to decline.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Israeli Law and Our Operations in Israel </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
operations are subject to currency and interest rate fluctuations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incur expenses in U.S. dollars and NIS, but our financial statements are denominated in NIS and presented in NIS and have a convenience
translation to U.S. dollars. NIS is our functional currency. The NIS is the currency that represents the principal economic environment
in which we operate. As a result, we are affected by foreign currency exchange fluctuations through both translation risk and
transaction risk. As a result, we are exposed to the risk that the NIS may appreciate relative to the dollar, or, if the NIS instead
devalues relative to the dollar, that the inflation rate in Israel may exceed such rate of devaluation of the NIS, or that the
timing of such devaluation may lag behind inflation in Israel. In any such event, the dollar cost of our operations in Israel
would increase and our dollar-denominated results of operations would be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Provisions
of Israeli law and our articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, our
company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> As
a company incorporated under the law of the State of Israel, we are subject to Israeli corporate law. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special
approvals for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant
to such types of transactions. For example, a merger may not be consummated unless at least 50 days have passed from the date
on which a merger proposal is filed by each merging company with the Israel Registrar of Companies and at least 30 days have passed
from the date on which the shareholders of both merging companies have approved the merger. In addition, a majority of each class
of securities of the target company must approve a merger. Moreover, a tender offer for all of a company&rsquo;s issued and outstanding
shares can only be completed if the acquirer receives positive responses from the holders of at least 95% of the issued share
capital. Completion of the tender offer also requires approval of a majority of the offerees that do not have a personal interest
in the tender offer, unless, following consummation of the tender offer, the acquirer would hold at least 98% of the company&rsquo;s
outstanding shares. Furthermore, the shareholders, including those who indicated their acceptance of the tender offer, may, at
any time within six months following the completion of the tender offer, claim that the consideration for the acquisition of the
shares does not reflect their fair market value, and petition an Israeli court to alter the consideration for the acquisition
accordingly, unless the acquirer stipulated in its tender offer that a shareholder that accepts the offer may not seek such appraisal
rights, and the acquirer or the company published all required information with respect to the tender offer prior to the tender
offer&rsquo;s response date. See &ldquo;Description of Share Capital &mdash; Provisions Restricting Change in Control of Our Company
- Acquisitions under Israeli Law&rdquo; for additional information.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
tax considerations also may make potential transactions unappealing to us or to our shareholders whose country of residence does
not have a tax treaty with Israel exempting such shareholders from Israeli tax. For example, Israeli tax law does not recognize
tax-free share exchanges to the same extent as U.S. tax law. With respect to mergers, Israeli tax law allows for tax deferral
in certain circumstances but makes the deferral contingent on the fulfillment of a number of conditions, including, in some cases,
a holding period of two years from the date of the transaction during which sales and dispositions of shares of the participating
companies may be subject to certain restrictions and additional terms. Moreover, with respect to certain share swap transactions,
the tax deferral is limited in time, and when such time expires, the tax becomes payable even if no disposition of the shares
has occurred. See &ldquo;Taxation&mdash;Israeli Tax Considerations and Government Programs&rdquo; for additional information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>It
may be difficult to enforce a judgment of a United States court against us and our officers and directors and the Israeli experts
named in this prospectus in Israel or the United States, to assert United States securities laws claims in Israel or to serve
process on our officers and directors and these experts.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in Israel and our corporate headquarters are located in Israel. All of our executive officers and directors
and the Israeli experts named in this prospectus are located in Israel. All of our assets and most of the assets of these persons
are located in Israel. Therefore, a judgment obtained against us, or any of these persons, including a judgment based on the civil
liability provisions of the U.S. federal securities laws, may not be collectible in the United States and may not necessarily
be enforced by an Israeli court. It also may be difficult to affect service of process on these persons in the United States or
to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be difficult for an investor,
or any other person or entity, to initiate an action with respect to United States securities laws in Israel. Israeli courts may
refuse to hear a claim based on an alleged violation of United States securities laws reasoning that Israel is not the most appropriate
forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli
law and not United States law is applicable to the claim. If United States law is found to be applicable, the content of applicable
United States law must be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain matters
of procedure will also be governed by Israeli law. There is little binding case law in Israel that addresses the matters described
above. As a result of the difficulty associated with enforcing a judgment against us in Israel, you may not be able to collect
any damages awarded by either a United States or foreign court. See &ldquo;Enforceability of Civil Liabilities&rdquo; for additional
information on your ability to enforce a civil claim against us and our executive officers or directors named in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
headquarters and other significant operations are located in Israel, and, therefore, our results may be adversely affected by
political, economic and military instability in Israel.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Our executive offices
and our corporate headquarters are located in Israel. In addition, all of our officers 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 neighboring
Arab countries, the Hamas militant group and the Hezbollah. Any hostilities involving Israel or the interruption or curtailment
of trade between Israel and its trading partners could adversely affect our operations and results of operations. Since October
2000, there have been increasing occurrences of terrorist violence. In 2006, a conflict between Israel and the Hezbollah in Lebanon
resulted in thousands of rockets being fired from Lebanon into Israel. In 2008, Israel engaged in an armed conflict with Hamas
in the Gaza Strip, which involved missile strikes against Israel and negatively affected business conditions in Israel. In 2012,
Israel experienced a similar armed conflict, resulting in hundreds of rockets being fired from the Gaza Strip. Most recently,
in 2014, Israel yet again experienced rocket strikes against civilian targets in various parts of Israel, as part of an armed
conflict commenced between Israel and Hamas. Ongoing and revived hostilities or other Israeli political or economic factors, such
as, an interruption of operations at the Tel Aviv airport, could prevent or delay shipments of our components or products. If
continued or resumed, these hostilities may negatively affect business conditions in Israel in general and our business in particular.
In the event that hostilities disrupt the ongoing operation of our facilities or the airports and seaports on which we depend
to import and export our supplies and product candidates, our operations may be materially adversely affected.&nbsp; </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, since 2010 political uprisings and conflicts 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 will develop and how it will affect
the political and security situation in the Middle East. This instability has raised concerns regarding security in the region
and the potential for armed conflict. In Syria, a country bordering Israel, a civil war is taking place. 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. Additionally, the Islamic State of Iraq and Levant, or ISIL, a violent jihadist group, is involved in hostilities in
Iraq and Syria and has been growing in influence. Although ISIL&rsquo;s activities have not directly affected the political and
economic conditions in Israel, ISIL&rsquo;s stated purpose is to take control of the Middle East, including Israel. The tension
between Israel and Iran and/or these groups may escalate in the future and turn violent, which could affect the Israeli economy
in general and us in particular. Any potential future conflict could also include missile strikes against parts of Israel, including
our offices and facilities. Such instability may lead to deterioration in the political and trade relationships that exist between
the State of Israel and certain other countries. Any armed conflicts, terrorist activities or political instability in the region
could adversely affect business conditions, could harm our results of operations and could make it more difficult for us to raise
capital. Parties with whom we do business may sometimes decline to travel to Israel during periods of heightened unrest or tension,
forcing us to make alternative arrangements when necessary in order to meet our business partners face to face. Several countries,
principally in the Middle East, still restrict doing business with Israel and Israeli companies, and additional countries may
impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political instability in the
region continues or increases. Similarly, Israeli companies are limited in conducting business with entities from several countries.
For instance, in 2008, the Israeli legislature passed a law forbidding any investments in entities that transact business with
Iran. In addition, the political and security situation in Israel may result in parties with whom we have agreements involving
performance in Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force
majeure provisions in such agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle East
or for any resulting disruption in our operations. Although the Israeli government has in the past covered the reinstatement value
of direct damages that were caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will
be maintained or, if maintained, will be sufficient to compensate us fully for damages incurred and the government may cease providing
such coverage or the coverage might not suffice to cover potential damages. 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 generally and could harm our results of operations.<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict
business with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on
our operating results, financial conditions or the expansion of our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Your
rights and responsibilities as a shareholder will be governed by Israeli law, which differs in some material respects from the
rights and responsibilities of shareholders of U.S. companies. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights and responsibilities of the holders of our Ordinary Shares (and therefore indirectly the ADSs) are governed by our articles
of association and by Israeli law. These rights and responsibilities differ in some material respects from the rights and responsibilities
of shareholders in typical U.S.-based corporations. In particular, a shareholder of an Israeli company has certain duties to act
in good faith and fairness and in a customary manner in exercising its rights and performing its obligations towards the company
and other shareholders and to refrain from abusing its power in the company including, among other things, in voting at the general
meeting of shareholders on certain matters, such as an amendment to the company&rsquo;s articles of association, an increase of
the company&rsquo;s authorized share capital, a merger of the company, and approval of related party transactions that require
shareholder approval. A shareholder also has a general duty to refrain from discriminating against other shareholders. In addition,
a controlling shareholder or a shareholder who knows that it possesses the power to determine the outcome of a shareholder vote
or to appoint or prevent the appointment of an officer of the company has a duty to act in fairness towards the company with regard
to such vote or appointment. However, Israeli law does not define the substance of this duty of fairness. See &ldquo;Management&mdash;Board
Practices&mdash;Duties of Shareholders&rdquo; for additional information. There is limited case law available to assist us in
understanding the nature of this duty or the implications of these provisions. These provisions may be interpreted to impose additional
obligations on holders of our Ordinary Shares that are not typically imposed on shareholders of U.S. corporations.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
received&nbsp;Israeli government grants for certain of our past research and development activities and programs, some of which&nbsp;we
out-licensed or are in the process of out-licensing. The terms of such grants may require us, in the future, to pay royalties
and to satisfy specific conditions if and to the extent we receive future royalties or in order to complete the out-licensing
of such grant based technologies and programs. We may be required to pay penalties in addition to payment of the royalties.</I></B></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
research and development efforts with respect to some of our past activities, including our previous immunotherapy programs such
as our BBS Technology, which was focused on developing an immunotherapeutic monoclonal antibody for the treatment of Alzheimer&rsquo;s,
which we out-licensed in March 2015, and our Anti-CD3 technology directed toward the treatment of inflammatory and autoimmune
diseases, which is in the process of being out-licensed, were financed in part through royalty-bearing grants from the Israeli
National Authority for Technological Innovation, or the INATI, formerly known as the Office of the Chief Scientist of the Ministry
of Economy. As of December 31, 2015, we have received the aggregate amount of approximately $4.1 million from the INATI for the
development of our abovementioned technologies. With respect to such grants we are committed to pay certain royalties up to $1.4
million. We are required to comply with the requirements of the Israeli Encouragement of Industrial Research and Development Law,
5744-1984, as amended, and related regulations, or the Research Law, with respect to these past grants. The discretionary approval
of an INATI committee would be required for any assignment and/or transfer to third parties inside or outside of Israel of know-how
or manufacturing or manufacturing rights related to those aspects of such activities and programs (including out-licensing it).
We may not receive these approvals. Although we do not believe that these requirements will materially restrict us in any way,
the INATI may impose certain conditions on any arrangement under which it permits us to transfer or assign technology or development
in or out of Israel. If we fail to comply with the Research Law, we may be required to refund certain grants previously received
and/or to pay interest and penalties and we may become subject to criminal charges. None of our current projects in the field
of cannabinoid therapeutics are supported by the INATI, yet if eligible, we may apply for such support in the future. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are in the process of out-licensing one of our past research and development activities which may not be completed due to factors&nbsp;not
in our control, and we may be required to assume the out-licensed activity or abandon it, subject to certain payments and liabilities.
&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> In June 2016, we
entered into a share transfer agreement with our former subsidiary, Orimmune Bio Inc., or Orimmune, and Karma Link Ltd., or Karma
Link, a private company incorporated under the laws of the State of Israel. According to the agreement, we sold our holdings in
Orimmune to Karma Link and will assist the assignment of the antibody Anti-CD3 technology (which was in-licensed by us from Hadasit
Medical Research Services &amp; Development Ltd., or Hadasit, and certain internally developed assets and technology relating
thereto). We cannot be certain that we will receive the necessary permits and approvals to affect the sale, or under what conditions
these permits and approvals may be granted. We are assisting Karma Link with the activities related to the assignment of the license
with all relevant parties and authorities. Although failure to complete the assignment will not constitute a breach of the agreement
by us, such failure may obligate us to decide whether to continue with the program (including continuing the search for other
potential collaborators for the assignment of the license) or to abandon the license pursuant to the provisions of the original
license agreement with Hadasit. In either of such events, we may bear certain payments and liabilities to third parties including
the INATI. To date, INATI has declined our request for a joint ownership registration with Hadasit of the patent underlying the
assets, according to the license agreement with Hadasit due to INATI's claim that such registration is not in compliance with
the INATI rules regarding use of its grants. We are currently negotiating the issues with INATI in order to facilitate the transfer. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees and consultants in Israel, including members of our senior management, may be obligated to perform one month, and in
some cases longer periods, of military reserve duty until they reach the age of 40 (or older, for citizens who hold certain positions
in the Israeli armed forces reserves) and, in the event of a military conflict or emergency circumstances, may be called to immediate
and unlimited active duty. In the event of severe unrest or other conflict, individuals could be required to serve in the military
for extended periods of time. In response to increases in terrorist activity, there have been periods of significant call-ups
of military reservists. It is possible that there will be similar large-scale military reserve duty call-ups in the future. Our
operations could be disrupted by the absence of a significant number of our officers, directors, employees and consultants related
to military service. Such disruption could materially adversely affect our business and operations. Additionally, the absence
of a significant number of the employees of our Israeli suppliers and contractors related to military service or the absence for
extended periods of one or more of their key employees for military service may disrupt their operations. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: white; text-align: left"> <B><I>It
may be difficult to enforce a U.S. judgment against us, our officers and directors, and the Israeli experts named in this prospectus
in Israel or the United States, or to assert U.S. securities laws claims in Israel or serve process on our officers and directors
and these experts.</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> We were incorporated
in Israel, and our corporate headquarters and substantially all of our operations are located in Israel. All of our senior management
and directors, and the Israeli experts named in this prospectus, are located in Israel. All of our assets are located outside
the United States. Therefore, it may be difficult for an investor, or any other person or entity, to enforce a U.S. court judgment
based upon the civil liability provisions of the U.S. federal securities laws against us or any of these persons in a U.S. or
Israeli court, or to effect service of process upon these persons in the United States. Additionally, it may be difficult for
an investor, or any other person or entity, to assert U.S. securities law claims in original actions instituted in Israel. Israeli
courts may refuse to hear a claim based on an alleged violation of U.S. securities laws against us or our officers and directors
on the grounds that Israel is not the most appropriate forum in which to bring such a claim. Even if an Israeli court agrees to
hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable,
the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process. Certain matters
of procedure will also be governed by Israeli law. There is little binding case law in Israel addressing the matters described
above. See &ldquo;Enforceability of Civil Liabilities.&rdquo;&nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><A NAME="a_003"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the statements made under &ldquo;Prospectus Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Use of Proceeds,&rdquo; &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; &ldquo;Business&rdquo; and elsewhere in this
prospectus constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such
as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential&rdquo; &ldquo;intends&rdquo; or &ldquo;continue,&rdquo;
or the negative of these terms or other comparable terminology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements include, but are not limited to, statements about:&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: .3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    timeline for our product candidate development path, including the anticipated starting and ending dates of our anticipated
    clinical trials;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anticipated
    actions of the FDA or other regulatory bodies, including approval to conduct clinical trials, the scope of those trials and
    the prospects for regulatory approval of, or other regulatory action with respect to our product candidates, including the
    regulatory pathway to be designated to our product candidates;</FONT> </td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    commercial launch and future sales of our existing product candidates or any other future potential product candidates;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding the commercial supply of our product candidates;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    estimates regarding anticipated capital requirements and our needs for additional financing;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    patient market size and market adoption of our product candidates by physicians and patients;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    timing, cost or other aspects of the commercial launch of our product candidates;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
    and receiving favorable results of our anticipated clinical trials;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding when certain patents may be issued and the protection of our intellectual property;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding licensing, acquisitions and strategic partnering; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></td>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential purchases by certain of our existing shareholders in this offering. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may
cause our or our industry&rsquo;s actual results, levels of activity, performance or achievements to be materially different from
those anticipated by the forward-looking statements. We discuss many of these risks in this prospectus in greater detail under
the heading &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus. You should not rely upon forward-looking statements as
predictions of future events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance, or achievements. Except as required by law, we are under no duty to update or revise any of the
forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_004"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRICE
HISTORY OF OUR ORDINARY SHARES AND ADSs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been trading on the TASE under the symbol &ldquo;THXBY&rdquo; since December 26, 2005. The ADSs commenced
trading on the OTCQB under the symbol &ldquo;THXBY&rdquo; on October 6, 2014. Each ADS is comprised of 20 Ordinary Shares of the
Company.&rdquo; We are in the process of applying to have the ADSs listed on the NASDAQ Capital Market under the symbol &ldquo;TRPX.&rdquo;
No assurance can be given that our application will be approved.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, for the periods indicated, the reported high and low closing prices of our Ordinary Shares on the
TASE in NIS and U.S. dollars. U.S. dollar per Ordinary Share amounts are calculated using the U.S. dollar representative rate
of exchange on the date to which the high or low market price is applicable, as reported by the Bank of Israel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>NIS</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Price
                                         Per</B>&nbsp;<B>Ordinary Share</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>U.S.$</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Price
                                         Per Ordinary Share</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> High </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Low </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> High </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Low </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> Annual: </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left"> 2015 </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> .99 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> .37 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> .26 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> .09 </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: left"> 2014 </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"> 1.13 </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"> .38 </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"> .33 </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"> .10 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> 2013 </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"> 1.77 </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"> .55 </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"> .49 </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"> .15 </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: left"> 2012 </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"> 14.21 </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"> 1.31 </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"> 3.70 </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"> .35 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> 2011 </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"> 26.00 </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"> 13.12 </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"> 7.61 </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"> 3.44 </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: 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><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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> Quarterly: </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><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: left"> Third Quarter 2016 </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"> 0.93 </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"> 0.77 </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"> 0.24 </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"> 0.21 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Second Quarter 2016 </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"> 1.01 </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"> 0.82 </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"> 0.27 </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"> 0.21 </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: left"> First Quarter 2016 </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"> 1.04 </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"> 0.85 </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"> 0.26 </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"> 0.22 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Fourth Quarter 2015 </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"> 0.99 </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"> 0.82 </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"> 0.26 </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"> 0.21 </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: left"> Third Quarter 2015 </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"> 0.93 </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"> 0.72 </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"> 0.24 </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"> 0.19 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Second Quarter 2015 </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"> 0.86 </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"> 0.39 </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"> 0.23 </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"> 0.10 </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: left"> First Quarter 2015 </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"> 0.49 </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"> 0.37 </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"> 0.12 </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"> 0.09 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Fourth Quarter 2014 </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"> 0.56 </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"> 0.38 </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"> 0.15 </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"> 0.10 </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: left"> Third Quarter 2014 </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"> 0.65 </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"> 0.48 </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"> 0.18 </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"> 0.13 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Second Quarter 2014 </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"> 1.13 </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"> 0.55 </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"> 0.33 </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"> 0.16 </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: left"> First Quarter 2014 </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"> 0.82 </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"> 0.67 </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"> 0.23 </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"> 0.19 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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><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; font-weight: bold; text-align: left"> Most Recent Six Months: </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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> September 2016 </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"> <FONT STYLE="font-size: 10pt">0.83</FONT> </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"> 0.77 </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"> <FONT STYLE="font-size: 10pt">0.22</FONT> </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"> 0.21 </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: left"> August 2016 </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"> 0.89 </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"> 0.82 </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"> 0.23 </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"> 0.21 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> July 2016 </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"> 0.93 </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"> 0.84 </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"> 0.24 </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"> 0.22 </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: left"> June 2016 </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"> 0.92 </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"> 0.82 </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"> 0.24 </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"> 0.21 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> May 2016 </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"> 1.00 </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"> 0.87 </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"> 0.26 </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"> 0.23 </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: left"> April 2016 </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"> 1.01 </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"> 0.86 </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"> 0.27 </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"> 0.23 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> March 2016 </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"> 0.95 </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"> 0.89 </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"> 0.24 </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"> 0.24 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> The following table
sets forth, for the periods indicated, the reported high and low closing sale prices of the ADSs on the OTCQB in U.S. dollars. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> U.S.$<BR>
     Price Per ADS </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> High </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Low </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"> Annual: </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt"> 2014 (from October 6, 2014) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3.00 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 2.15 </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: left"> 2015 </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"> 3.90 </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"> 2.15 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold"> Quarterly: </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(204,238,255)">
    <TD STYLE="font-size: 10pt"> Third Quarter 2016 </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"> 4.01 </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"> 4.01 </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: left"> Second Quarter 2016 </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"> 4.01 </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"> 3.90 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> First Quarter 2016 </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"> 3.90 </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"> 3.90 </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: left"> Fourth Quarter 2015 </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"> 3.90 </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"> 3.90 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Third Quarter 2015 </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"> 3.90 </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"> 3.90 </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: left"> Second Quarter 2015 </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"> 3.25 </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"> 2.15 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> First Quarter 2015 </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"> 2.15 </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"> 2.15 </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: left"> Fourth Quarter 2014 </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"> 3.00 </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"> 2.15 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> Most Recent Six Months: </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"> September 2016 </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"> 4.01 </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"> <FONT STYLE="font-size: 10pt">4.01</FONT> </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> August 2016 </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"> 4.01 </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"> 4.01 </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"> July 2016 </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"> 4.01 </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"> 4.01 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> June 2016 </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"> 4.01 </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"> 4.01 </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"> May 2016 </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"> 4.01 </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"> 4.01 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> April 2016 </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"> 3.90 </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"> 3.90 </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"> March 2016 </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"> 3.90 </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"> 3.90 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_005"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> We expect to receive
approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in net proceeds from the sale
of ADSs offered by us in this offering (approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
if the underwriters exercise their over-allotment option in full), based upon an assumed public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
ADS, the last reported sale price of the ADSs on the OTCQB on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2016. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
currently expect to use the net proceeds from this offering for the following purposes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Approximately
                                         $3.9 million to advance the formulation and clinical development efforts in our Joint
                                         Pharma program (THX-TS01 product candidate), allocated as follows: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9675;</FONT> </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">approximately
                                         $600,000 to complete a proof of concept, Phase IIa clinical trial in the United States;</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> &#9675; </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">approximately
                                         $1.3 million to complete Phase IIb clinical trial in Europe; and</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9675;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         remainder to fund general formulation development and product manufacturing for clinical
                                         trials.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Approximately
                                         $3.5 million to advance the formulation and clinical development efforts in our BrainBright
                                         Pharma program (THX- ULD01 product candidate), allocated as follows: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> &#9675; </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">approximately
                                         $350,000 to complete a Phase I clinical trial in Canada or the United States;</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> &#9675; </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">approximately
                                         $1 million to initiate a proof of concept, Phase IIa clinical trial in Israel or Europe;
                                         and</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9675;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         remainder to fund general formulation development and product manufacturing for clinical
                                         trials.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.2pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         remainder for working capital and general corporate purposes, and possible in-licensing
                                         of additional intellectual property and product candidates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
amounts and schedule of our actual expenditures will depend on multiple factors including the progress of our clinical development
and regulatory efforts, the status and results of the clinical trials, the pace of our partnering efforts in regards to manufacturing
and commercialization and the overall regulatory environment. Therefore, our management will retain broad discretion over the
use of the proceeds from this offering. We may ultimately use the proceeds for different purposes than what we currently intend.
Pending any ultimate use of any portion of the proceeds from this offering, if the anticipated proceeds will not be sufficient
to fund all the proposed purposes, our management will determine the order of priority for using the proceeds, as well as the
amount and sources of other funds needed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pending
our use of the net proceeds from this offering, we may invest the net proceeds in a variety of capital preservation investments,
including short-term, investment grade, interest bearing instruments and U.S. government securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_006"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DIVIDEND
POLICY </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have never declared or paid any cash dividends on our Ordinary Shares and do not anticipate paying any cash dividends in the foreseeable
future. Payment of cash dividends, if any, in the future will be at the discretion of our Board of Directors and will depend on
then-existing conditions, including our financial condition, operating results, contractual restrictions, capital requirements,
business prospects and other factors our Board of Directors may deem relevant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Companies Law imposes further restrictions on our ability to declare and pay dividends. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment
of dividends may be subject to Israeli withholding taxes. See &ldquo;Taxation&mdash;Israeli Tax Considerations and Government
Programs&rdquo; for additional information.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_007"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CAPITALIZATION
</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth our cash and cash equivalents and our capitalization as of June 30, 2016:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on
    an actual basis; and</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on
    an as adjusted basis to give effect to the sale of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs in this
    offering at an assumed public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS, the last reported sale price
    of the ADSs on the OTCQB on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2016, after deducting
    estimated underwriting discounts and commissions and estimated offering expenses payable by us, as if the sale of the&nbsp;ADSs
    had occurred on June 30, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
should read this table in conjunction with the sections titled &ldquo;Selected Financial Data&rdquo; and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and our financial statements and related notes
included elsewhere in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>As
                                         of</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>June
                                         30, 2016</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As Adjusted </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1.5pt solid"> (in thousands) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>USD&nbsp;(1)</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Convenience
                                         Translation</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>USD
                                         (1) (2)</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Convenience
                                         Translation</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left; padding-bottom: 4pt"> Cash and cash equivalents </TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 3,166 </TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 823 </TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; padding-bottom: 4pt; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Current liabilities </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"> 2,296 </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"> 597 </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: left"> Shareholders' equity: </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><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(204,238,255)">
    <TD STYLE="font-size: 10pt"> Share capital </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"> 3,560 </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"> 926 </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"> Share premium </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"> 95,852 </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"> 24,922 </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Capital reserve from foreign currency translation </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"> - </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"> - </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"> Warrants </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"> - </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"> - </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Capital reserve from transactions with non-controlling shareholders </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"> 941 </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"> 245 </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: left"> Capital reserve for share-based payments </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"> 19,010 </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"> 4,943 </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Accumulated loss </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"> 117,438 </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"> (30,535 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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: left"> Total shareholders&rsquo; equity </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"> 1,925 </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"> 501 </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Non-controlling interests </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"> (659 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> (172 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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: left; padding-bottom: 4pt"> Total equity </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 1,266 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 329 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: right"> &nbsp; </TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT> </TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0; text-align: left"> Calculated
                                         using the exchange rate reported by the Bank of Israel for June 30, 2016 at the rate
                                         of one U.S. dollar per NIS 3.846. </P>
</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
    $1.00 increase (decrease) in the assumed public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS would increase
    (decrease) the pro forma amount of each of cash and cash equivalents and total stockholders&rsquo; equity by approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, assuming that the number of ADSs offered by us, as set forth
    on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions
    and estimated offering expenses payable by us.&nbsp;&nbsp;A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS
    increase in the number of ADSs offered by us&nbsp;&nbsp;would increase each of cash and cash equivalents and total shareholders&rsquo;
    equity by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million after deducting estimated
    underwriting discounts and commissions and any estimated offering expenses payable by us. Conversely, a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS
    decrease in the number of ADSs offered by us would decrease each of cash and cash equivalents and total shareholders&rsquo;
    equity by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million after deducting estimated
    underwriting discounts and commissions and any estimated offering expenses payable by us.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_008"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SELECTED
FINANCIAL DATA </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have derived the following statements of operations data for the years ended December 31, 2015 and 2014 from our audited financial
statements, and the balance sheet data as of June 30, 2016 from our unaudited financial statements, included elsewhere in this
prospectus. The selected financial data should be read in conjunction with &ldquo;Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations&rdquo; and our consolidated financial statements and related notes included elsewhere
in this prospectus, and are qualified entirely by reference to such consolidated financial statements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"> Our consolidated
financial statements included in this prospectus were prepared in accordance with IFRS, as issued by the International Accounting
Standards Board. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Year
    Ended&nbsp;<BR> December 31, </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six
    Months Ended<BR> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"> <B>Six&nbsp;Months
                                         </B> </P> <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"> <B>Ended
                                         </B> </P> <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"> <B>June&nbsp;30,</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(<I>in
    thousands, except share and per share data</I>)</FONT> </TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"> <B>USD</B> </P> <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"> <B>Convenience
                                         Translation*</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; font-weight: bold"> Consolidated Statements of Operations Data </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">
    <TD STYLE="font-family: Times New Roman,serif"> Revenues </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: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif; text-align: left"> Research and development expenses, net </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"> 931 </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"> 1,800 </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"> 1,450 </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"> 477 </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"> 377 </TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> General and administrative expenses </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 5,297 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 5,238 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 2,454 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 2,456 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 638 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> Other expense (income), net </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 3,734 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> (115 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> ) </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 100 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 19 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 26 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> Operating loss </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 9,962 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 6,923 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 4,004 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 2,952 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 1,041 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding-bottom: 1.5pt"> Finance expenses (income), net </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 15 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 26 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 18 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 5 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 5 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding-bottom: 1.5pt"> Net comprehensive loss </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 10,164 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 7,282 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 4,042 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 3,144 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 1,051 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &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"> &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"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif"> Net loss per Ordinary Share </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 0.43 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 0.45 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 0.11 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 0.15 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; text-align: right"> 0.03 </TD><TD STYLE="font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"> Number
    of Ordinary Shares used in computing loss per Ordinary Share </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 23,853,196 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 16,071,577 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 35,449,981 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 20,628,371 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="font-family: Times New Roman,serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right"> 35,449,981 </TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of
    June 30, 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As Adjusted
    (1) (2) </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1.5pt solid"> (in thousands) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD -
    Convenience Translation* </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD -
    Convenience Translation* </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"> Consolidated Balance Sheet Data: </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left"> Cash and cash equivalents </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3,166 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 823 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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: left"> Total assets </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"> 3,562 </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"> 926 </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Total non-current liabilities </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"> - </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"> - </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: left"> Accumulated loss </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"> 117,438 </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"> 30,535 </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Total shareholders&rsquo; equity (deficit) </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"> 1,925 </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"> 501 </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: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> * Calculated using the exchange rate reported
by the Bank of Israel for June 30, 2016 at the rate of one U.S. dollar per NIS 3.846. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(1)</SUP>&nbsp;&nbsp;Gives
effect to the ADSs offered by us in this offering assuming this offering was consummated at the beginning of the referenced period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP>&nbsp;&nbsp;A
$1.00 increase (decrease) in the assumed public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
ADS would increase (decrease) the pro forma amount of each of cash and cash equivalents and total stockholders&rsquo; equity by
approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, assuming that the number of ADSs offered by us,
as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us. A &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS increase in the number of
ADSs offered by us would increase each of cash and cash equivalents and total shareholders&rsquo; equity by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
after deducting estimated underwriting discounts and commissions and any estimated offering expenses payable by us. Conversely,
a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ADS decrease in the number of ADSs offered by us would decrease each of cash
and cash equivalents and total shareholders&rsquo; equity by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
after deducting estimated underwriting discounts and commissions and any estimated offering expenses payable by us.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> EXCHANGE RATE
INFORMATION </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
of June 30, 2016, the daily representative exchange rate of NIS per U.S. dollar was 3.846. The following table sets forth information
regarding the exchange rates of NIS per U.S. dollar for the periods indicated. Average rates are calculated by using the daily
representative rates as reported by the Bank of Israel on the last day of each month during the periods presented. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>



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

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<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; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS per
    U.S. dollars </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid; text-align: left"> Annual </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> High </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Low </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Average </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Period
    End </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left"> 2015 </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 4.053 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3.761 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3.884 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3.902 </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: left"> 2014 </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"> 3.994 </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"> 3.402 </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"> 3.577 </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"> 3.889 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> 2013 </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"> 3.791 </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"> 3.471 </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"> 3.609 </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"> 3.471 </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: left"> 2012 </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"> 4.084 </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"> 3.700 </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"> 3.856 </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"> 3.733 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> 2011 </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"> 3.821 </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"> 3.363 </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"> 3.578 </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"> 3.821 </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; font-weight: bold; text-align: left"> Quarterly </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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> First Quarter 2016 </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"> 3.983 </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"> 3.766 </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"> 3.908 </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"> 3.766 </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: left"> Second Quarter 2016 </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"> 3.900 </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"> 3.746 </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"> 3.818 </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"> 3.846 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> Monthly </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><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: left"> September </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"> 3.786 </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"> 3.746 </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"> 3.766 </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"> 3.758 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> August </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"> 3.829 </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"> 3.754 </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"> 3.795 </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"> 3.786 </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: left"> July </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"> 3.828 </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"> 3.895 </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"> 3.857 </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"> 3.828 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> June </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"> 3.900 </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"> 3.818 </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"> 3.857 </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"> 3.846 </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: left"> May </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"> 3.879 </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"> 3.746 </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"> 3.813 </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"> 3.850 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> April </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"> 3.819 </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"> 3.758 </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"> 3.778 </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"> 3.761 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_009"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DILUTION
</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> If
you invest in the ADSs, your interest will be diluted immediately to the extent of the difference between the public offering
price per ADS you will pay in this offering and the pro forma net tangible book value per ADS after this offering.&nbsp;&nbsp;At
June 30, 2016, we had net tangible book value of $501,000, corresponding to a net tangible book value of $.026 per Ordinary Share
or $.52 per ADS (using the ratio of 20 Ordinary Shares to one ADS). Net tangible book value per share or per ADS represents the
amount of our total tangible assets less our total liabilities, divided by 35,599,152, the total number of Ordinary Shares outstanding
at June 30, 2016, or 1,779,958, the total number of ADSs that would represent such total number of shares based on a share-to-ADS
ratio of twenty-to-one. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> After
giving effect to the sale of the ADSs representing Ordinary Shares offered by us in this offering and after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma net tangible book value estimated
at June 30, 2016 would have been approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, representing $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per&nbsp;&nbsp;Ordinary
Share or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS. At the assumed public offering price for this offering of $&nbsp;&nbsp;&nbsp;per
ADS, which is the last reported sale price of the ADSs on the OTCQB on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2016, this represents an immediate increase in historical net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
Ordinary Share or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS to existing shareholders and an immediate dilution
in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per Ordinary Share or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
ADS to purchasers of ADSs in this offering.&nbsp;&nbsp;Dilution for this purpose represents the difference between the price per
ADS paid by these purchasers and pro forma net tangible book value per ADS immediately after the completion of this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table illustrates this dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS to purchasers of ADSs
in this offering:&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> <FONT STYLE="font-size: 9pt">Assumed public offering price per ADS</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 9pt">$</FONT> </TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Historical net tangible
    book value per ADS as of June 30, 2016</FONT> </TD><TD> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">Increase in net tangible book value per ADS attributable to new
    investors</FONT> </TD><TD> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">Pro forma net tangible book value per ADS after this offering</FONT> </TD><TD> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">Dilution per&nbsp;ADS to new investors</FONT> </TD><TD> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">Percentage of dilution in net tangible book value per ADS for
    new investors</FONT> </TD><TD> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
$1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS would increase
(decrease) our pro forma net tangible book value per ADS after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the dilution
per ADS to new investors by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, assuming the number of ADSs offered by us, as set forth on
the cover page of this prospectus, remains the same, after deducting the estimated underwriting discounts and commissions and
estimated offering expenses payable by us.&nbsp;We may also increase or decrease the number of ADSs we are offering.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
increase of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs in the number of ADSs offered by us, would increase our pro forma net tangible book value after this offering by approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million and the pro forma net tangible book value per ADS after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS and would increase the dilution per ADS to new investors by $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
after deducting estimated underwriting discounts and estimated offering expenses payable by us.&nbsp; Conversely, a decrease of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs in the number of ADSs offered by us would decrease our pro forma net tangible book value after this offering by approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million and the pro forma net tangible book value per ADS after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS and would decrease the dilution in net tangible book value per ADS to new investors by $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
after deducting estimated underwriting discounts and estimated offering expenses payable by us.&nbsp; The information discussed
above is illustrative only and will adjust based on the actual public offering price and other terms of the offering determined
at pricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"> The following
table summarizes, on a pro forma basis as of June 30, 2016, the differences between the number of Ordinary Shares acquired from
us (treating each ADS as twenty Ordinary Shares), the total amount paid and the average price per Ordinary Share paid by the existing
holders of our Ordinary Shares and by investors in this offering, treating each ADS as twenty Ordinary Shares), and based upon
an assumed public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, the last reported sale
price of the ADSs on the OTCQB on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2016. </P>



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

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Total
    Consideration</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>Average Price Per Ordinary</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Number</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Percent</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Percent</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">Share</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 9pt">Existing shareholders</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">%</FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">New
    investors (treating each ADS as twenty Ordinary Shares)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">&nbsp;<FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"></TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"></TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"></TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"></TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 9pt">100.0</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 9pt">100</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
number of Ordinary Shares to be outstanding immediately after this offering is based on 40,998,471 Ordinary Shares outstanding
as of September 30, 2016 and excludes:&nbsp;&nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 3,845,279
                                         Ordinary Shares issuable upon the exercise of options; and </P>



<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> Ordinary Shares underlying
    the ADS purchase warrant to be issued to the representative in connection with this offering<FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
number assumes no exercise of the underwriters&rsquo; over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
all of such options and warrants had been exercised as of September 30, 2016, the number of Ordinary Shares held by existing shareholders
would increase to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total number of Ordinary Shares outstanding after this offering, the percentage
of Ordinary Shares held by existing shareholders would increase to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total Ordinary Shares
outstanding and the average price per Ordinary Share paid by the existing shareholders would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the underwriters exercise their option to purchase additional ADSs in full in this offering, the number of Ordinary Shares held
by new investors will increase to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total number of Ordinary Shares outstanding after this offering and the percentage
of Ordinary Shares held by existing shareholders will decrease to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total Ordinary Shares
outstanding.&nbsp;&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_010"></A><B>MANAGEMENT&rsquo;S DISCUSSION
AND ANALYSIS OF</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <I>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our
consolidated financial statements </I>and<I> the related notes included elsewhere in this prospectus.&nbsp;&nbsp;The discussion
below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes
in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown
risks and uncertainties, including those identified in &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; and
under &ldquo;Risk Factors&rdquo; elsewhere in this prospectus. U.S. dollar amounts herein have been translated for the convenience
of the reader from the original NIS amounts at the representative rate of exchange as of June 30, 2016 (NIS 3.846 = $1.00) and
as of December 31, 2015 (NIS 3.902 = $1.00), as applicable. </I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Overview&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
are a specialty pharmaceutical company led by an experienced team of senior executives and scientists, focused on creating and
enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, we have initiated two
internal drug development programs based on repurposing an FDA approved synthetic cannabinoid (dronabinol): <I>Joint Pharma</I>
developing THX-TS01 targeted to the treatment of Tourette Syndrome, or TS, and <I>BrainBright Pharma</I> developing THX-ULD01
targeted to the high value and under-served market of mild cognitive impairments, or MCIs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
intend to seek FDA approval for the commercialization of our drug candidates through Section 505(b)(2) regulatory pathway under
the FDC Act. The FDA&rsquo;s 505(b)(2) regulatory pathway permits the filing of a new drug application, or NDA, where at least
some of the information required for approval comes from studies that were not conducted by or for the applicant, and for which
the applicant has not received a right of reference. This approach could expedite the development program for our product candidates
by potentially decreasing the amount of clinical data that we would need to generate in order to obtain FDA approval. In addition,
with respect to our Joint Pharma program we intend to pursue orphan drug designation in the United States and Europe. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
current operating expenses consist of two components&nbsp;&mdash;&nbsp;research and development expenses, and general and administrative
expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Research and Development Expenses, net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
research and development expenses consist primarily of salaries and related personnel expenses, share-based compensation expenses,
consulting and subcontractor expenses and other related research and development expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
following table discloses the breakdown of research and development expenses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Year ended
    December 31, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six months
    ended <BR> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> Six months ended <BR>
    June&nbsp;30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic"> (in thousands) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left"> Salaries and related expenses </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 183 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 506 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 353 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 50 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 92 </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"> Materials </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"> 31 </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"> 25 </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"> 59 </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"> 20 </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"> 15 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Share-based payments </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"> 6 </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"> 8 </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"> 241 </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"> 6 </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"> 63 </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: left"> Consulting and subcontractors </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"> 441 </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"> 582 </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"> 511 </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"> 242 </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"> 133 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> Depreciation </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"> 6 </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"> 49 </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"> 3 </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"> 4 </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"> 1 </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"> Patents </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"> 243 </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"> 284 </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"> 219 </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"> 148 </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"> 57 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Other expenses </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"> 21 </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"> 375 </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"> 64 </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"> 7 </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"> 16 </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: left; padding-bottom: 1.5pt"> Chief Scientist participation </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> (29 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 931 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 1,800 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 1,450 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 477 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 377 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">We expect that our
research and development expenses will materially increase as we plan to start clinical trials.</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>General and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">General and administrative
expenses consist primarily of salaries, share-based compensation expense, professional service fees for accounting, legal, bookkeeping,
facilities and other general and administrative expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The following table
discloses the breakdown of general and administrative expenses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Year ended
    December 31, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six months
    ended <BR> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> Six months ended <BR>
    June&nbsp;30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic"> (in thousands) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt"> Payroll </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 1,412 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 1,581 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 603 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 718 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 157 </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: left"> Professional services </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"> 2,035 </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"> 2,562 </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"> 880 </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"> 1,062 </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"> 228 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Director pay </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"> 214 </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"> 244 </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"> 114 </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"> 106 </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"> 30 </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: left"> Share-based payments </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"> 526 </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"> 136 </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"> 461 </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"> 240 </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"> 120 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> Depreciation </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"> 6 </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"> 100 </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"> 4 </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"> 12 </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"> 1 </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: left; padding-bottom: 1.5pt"> Office expense and other expenses </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> 1,104 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> 615 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> 392 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> 318 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"> 102 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 4pt"> Total </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 5,297 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 2,454 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 2,456 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"> 638 </TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Comparison of the six months ended June 30, 2016 to the six
months ended June 30, 2015.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> &nbsp; </P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> June
    30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1.5pt solid"> (in thousands) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left"> Research and development expenses </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 1,450 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 477 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 377 </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: left"> General and administrative expenses </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"> 2,454 </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"> 2,456 </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"> 638 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Operating loss </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"> 4,004 </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"> 2,952 </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"> 1,041 </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: left"> Financial Expense (income), net </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"> 18 </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"> 5 </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"> 5 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"> Loss </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"> 4,022 </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"> 3,154 </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"> 1,046 </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: left"> Deemed dividend </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"> - </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"> - </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"> - </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Loss attributable to holders of Ordinary Shares </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"> 3,970 </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"> 3,115 </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"> 1,032 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Research and Development Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"> Our research and development
expenses for the six months ended June 30, 2016 amounted to NIS 1,450,000 (approximately $377,000), representing an increase of
NIS 973,000 (approximately $253,000), or 204%, compared to NIS 477,000 (approximately $124,000) for the six months ended June
30, 2015. The increase was primarily attributable to an increase of NIS 303,000 (approximately $79,000) in salaries and related
personnel expenses, an increase of NIS 235,000 (approximately $61,000) in share-based payment and an increase of NIS 270,000 (approximately
$70,000) in consulting and subcontractors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>General and administrative expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"> Our general and administrative
expenses totaled NIS 2,454,000 (approximately $638,000) for the six months ended June 30, 2016, a decrease of NIS 2,000 (approximately
$520), or 0.08%, compared to NIS 2,456,000 (approximately $639,000) for the six months ended June 30, 2015. &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Operating loss</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
a result of the foregoing, our operating loss for the six months ended June 30, 2016 was NIS 4,004,000 (approximately $1,041,000),
as compared to an operating loss of NIS 2,952,000 (approximately $768,000) for the six months ended June 30, 2015, an increase
of NIS 1,052 (approximately $274,000), or 36%. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Financial expense and income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Financial
expense and income consist of bank fees and other transactional costs and exchange rate differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
recognized financial expenses net, of NIS 18,000 (approximately $5,000) for the six months ended June 30, 2016, compared to financial
expenses of NIS 5,000 (approximately $1,000) for the six months ended June 30, 2015. The increase is primarily due to exchange
rate valuation losses on dollar balances. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Total Comprehensive Loss</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
a result of the foregoing, our loss for the six months ended June 30, 2016 was NIS 4,022,000 (approximately $1,046,000), as compared
to NIS 3,153,000 (approximately $820,000) for the six months ended June 30, 2015, an increase of NIS 869,000 (approximately $226,000)
or 28%. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Comparison of the Year ended December 31,
2015 to the Year Ended December&nbsp;31, 2014.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December
    31,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1.5pt solid">(in thousands)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left">Research and development expenses</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">931</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">1,800</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">239</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: left">General and administrative expenses</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">5,297</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">5,238</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">1,357</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other expense (income), net</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">3,734</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">(115</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">957</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: left">Operating loss</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">9,962</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">6,923</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">2,553</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Financial Expense (income), net</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">15</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">26</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">4</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">Loss</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">10,174</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">7,292</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">2,607</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Loss attributable to holders of Ordinary Shares</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">9,877</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">7,207</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">2,531</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Research and Development Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
research and development expenses for the year ended December 31, 2015 amounted to NIS 931,000 (approximately $239,000), representing
a decrease of NIS 869,000 (approximately $224,000), or 48%, compared to NIS 1,800,000 (approximately $463,000) for the year ended
December 31, 2014. The decrease was primarily attributable to a decrease of NIS 323,000 (approximately $83,000) in salaries and
related personnel expenses, reflecting a decrease in the number of employees and a decrease of NIS 354,000 (approximately $91,000)
in other research and development expenses. Research and development expenses for the year ended December 31, 2015 reflects reduced
R&amp;D operations which mainly consisted of maintaining our previous Anti-CD3 project, which is no longer our focus, and the
initiation of cannabinoid projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>General and administrative expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
general and administrative expenses totaled NIS 5,297,000 (approximately $1,358,000) for the year ended December 31, 2015, an
increase of NIS 59,000 (approximately $11,000), or 1%, compared to $1,347,000 for the year ended December 31, 2014. General
and administrative expenses include mainly salary and related expenses, share-based payment and professional services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Operating loss</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
a result of the foregoing, our operating loss for the year ended December 31, 2015 was NIS 9,962,000 (approximately $2,553,000),
as compared to an operating loss of NIS 6,923,000 (approximately $1,780,000) for the year ended December 31, 2014, an increase
of NIS 3,039,000 (approximately $773,000), or 44%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Financial expense and income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Financial
expense and income consist of revaluation of a liability for Chief Scientist grants, bank fees and other transactional costs and
exchange rate differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
recognized financial income of NIS 15,000 (approximately $4,000) for the year ended December 31, 2015, compared to financial income
of NIS 26,000 (approximately $7,000) for the year ended December 31, 2014. The decrease is primarily due to revaluation of a liability
for Chief Scientist grants.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">As a result of the foregoing,
our loss for the year ended December 31, 2015 was NIS 10,164,000 (approximately $2,605,000), as compared to NIS 7,282,000 (approximately
$1,872,000) for the year ended December 31, 2014, an increase of NIS 2,882,000 (approximately $733,000) or 40%.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
describe our significant accounting policies more fully in Note 2 to our financial statements for the year ended December 31,
2015. We believe that the accounting policies below are critical in order to fully understand and evaluate our financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
prepare our financial statements in accordance with IFRS. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts
reported for assets, obligations, income, and expenses. Any estimates and assumptions are continually reviewed. The changes to
the accounting estimates are credited during the period in which the change to the estimate is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><B><I>Contingent
Liabilities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
evaluations of provisions and contingent liabilities are based on best professional judgment, taking into consideration the stage
of the proceedings, as well as cumulative legal experience in the various topics. Whereas the results of the lawsuits shall be
determined by the courts, these results may differ from these evaluations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <B><I>Share-Based
Compensation</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Employees
and other service providers of the Company are entitled to benefits by way of share-based compensation settled with company options
to shares. The cost of transactions with employees settled with capital instruments is measured based on the fair value of the
capital instruments on the granting date. The fair value is determined using an accepted options pricing model. The model is based
on share price, grant date and on assumptions regarding expected volatility, expected lifespan, expected dividend, and a no risk
interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
cost of the transactions settled with capital instruments is recognized in profit or loss together with a corresponding increase
in the equity over the period in which the performance and/or service takes place, and ending on the date on which the relevant
employees are entitled to the benefits, or the Vesting Period. The aggregate expense recognized for transactions settled with
capital instruments at the end of each reporting date and until the Vesting Period reflects the degree to which the Vesting Period
has expired and our best estimate regarding the number of options that have ultimately vested. The expense or income in profit
or loss reflects the change of the aggregate expense recognized as of the end of the reported period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
selected the Black-Scholes option-pricing model as a fair value method for our options awards. The option-pricing model requires
a number of assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Expected
dividend yield</I>&nbsp;- The expected dividend yield assumption is based on our historical experience and expectation of no future
dividend payouts. We have historically not paid cash dividends and have no foreseeable plans to pay cash dividends in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Volatility
</I>-<I> </I>The expected volatility of the share prices reflects the assumption that the historical volatility of the share prices
on the TASE is reasonably indicative of expected future trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Risk
free interest rate&nbsp;</I>- The risk free interest rate is based on the yield of governmental bonds with equivalent terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Contractual
term</I>- An option&rsquo;s contractual term must at least include the Vesting Period and the employees&rsquo; historical exercise
and post-vesting employment termination behavior for similar grants. If the amount of past exercise data is limited, that data
may not represent a sufficiently large sample on which to base a robust conclusion on expected exercise behavior.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Share
price on the TASE</I>- The price of our Ordinary Shares on the TASE used in determining the grant date fair value of options is
based on the price on the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><B><I>Government
Grants from the INATI</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Research
and development grants received from the INATI are recognized upon receipt as a liability if future economic benefits are expected
from the project that will result in royalty-bearing sales. The amount of the liability for the grant is first measured at fair
value using a discount rate that reflects a market rate of interest that reflects the appropriate degree of risks inherent in
our business. If no economic benefits are expected from the research activity, the grant receipts are recognized as a reduction
of the related research and development expenses. In that event, the royalty obligation is treated as a contingent liability in
accordance with IAS 37, &ldquo;Provisions, Contingent Liabilities and Contingent Assets.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">At
the end of each reporting period, we evaluate whether there is reasonable assurance that the received grants will not be repaid
based on its best estimate of future sales and, if so, no liability is recognized and the grants are recorded against a corresponding
reduction in other incomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Liquidity and Capital Resources</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Since
our inception in 2004, and through June 30, 2016, we have funded our operations principally with NIS 99,412,000 (approximately
$25,848,000) from the issuance of Ordinary Shares and warrants. As of June 30, 2016, we had NIS 3,166,000 (approximately $823,000)
in cash and cash equivalents, and an additional amount of NIS 44,000 (approximately $11,000) in short-term bank deposits. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The table below
presents our cash flows for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> December
    31, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six Months
    ended <BR> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1.5pt"> (in thousands) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> USD </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 10pt; text-align: left"> Operating activities </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (5,162 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (7,358 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (1,323 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (2,956 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (2,656 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> (769 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Investing activities </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"> (2 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> (369 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> (1 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> (14 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> 2 </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"> (4 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Financing activities </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"> 10,686 </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"> 3,219 </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"> 2,738 </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"> - </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"> 3,072 </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"> - </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"> &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><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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt"> Net increase (decrease) in cash and
    cash equivalents </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"> 5,522 </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"> (4,508 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> 1,414 </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"> (2,970 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </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"> 418 </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"> (772 </TD><TD STYLE="font-size: 10pt; text-align: left"> ) </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Net cash used in
operating activities was NIS 2,956,000 (approximately $769,000) during the six months ended June&nbsp;30, 2016 in comparison to
NIS 2,656,000 (approximately $691,000) during the six months ended June&nbsp;30, 2015. The increase of NIS 300,000 (approximately
$78,000) in the period ended June&nbsp;30, 2016 was primarily attributable to an increase in research and development activities
(preparations for clinical trial) in our cannabinoids-based clinical programs. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Net cash used in
operating activities was NIS 5,162,000 (approximately $1,323,000) during 2015 in comparison to NIS 7,358,000 (approximately $1,892,000)
during 2014. The decrease of $569,000 was primarily attributable to a decrease in research and development activities. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Investing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Net
cash used in investing activities of NIS 14,000 (approximately $4,000) during the six months ended June 30, 2016 was primarily
reflected purchases of fixed assets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Net
cash provided from investing activities of NIS 2,000 (approximately $1,000) during the six months ended June 30, 2015 reflected
proceeds from sale of property, plant and equipment. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Net
cash used in investing activities of NIS 2,000 (approximately $1,000) during 2015 primarily reflected proceeds from sale of property,
plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Net
cash used in investing activities of NIS 369,000 (approximately $95,000) during 2014 primarily reflected an investment in Lara
Pharm Ltd., offset by proceeds from the sale of property, plant and equipment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Financing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> No
cash was provided by financing activities in the six months ended June 30, 2016. Net cash provided by financing activities in
the six months ended June 30, 2015 consisted of NIS 3,072,000 (approximately $799,000) of net proceeds from issuance of Ordinary
Shares and exercise of share options. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Net
cash provided by financing activities in the year ended December 31, 2015 consisted of NIS 10,686,000 (approximately $2,738,000)
of net proceeds from issuance of Ordinary Shares and exercise of share options. Net cash provided by financing activities in the
year ended December 31, 2014 consisted of NIS 3,219,000 (approximately $828,000) of net proceeds from issuance of Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Current Outlook</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have financed our operations to date primarily through proceeds from sales of our Ordinary Shares and options. We have incurred
losses and generated negative cash flows from operations since August 2004. Since August 2004, we have not generated any revenue
from the sale of product candidates and we do not expect to generate revenues from sale of our product candidates in the next
few years. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
independent registered public accounting firm&rsquo;s report on our consolidated financial statements for the year ended December
31, 2015 states that there is a substantial doubt that we will be able to continue as a going concern. Furthermore, according
to our estimates, based on our budget, if we are not successful in obtaining additional capital resources, there is a substantial
doubt that we will be able to continue our activities. Even if we are able to raise funds in the offering contemplated herein,
we believe that we will need to raise additional funds before we generate positive cash flow from operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
of June 30, 2016, our cash and cash equivalents including short-term bank deposits were $834,000. We believe that our existing
cash resources and the net proceeds from the current offering will be sufficient to fund our current operations until the end
of 2017; however, we expect that we will require substantial additional capital to complete the development of, and to commercialize,
our product candidates. In addition, our operating plans may change as a result of many factors that may currently be unknown
to us, and we may need to seek additional funds sooner than planned. Our future capital requirements will depend on many factors,
including: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the progress and costs of our research and development activities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the costs of manufacturing our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the costs of filing, prosecuting, enforcing and defending patent
    claims and other intellectual property rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the potential costs of contracting with third parties to provide
    marketing and distribution services for us or for building such capacities internally; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the magnitude of our general and administrative expenses.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Until
we can generate significant recurring revenues, we expect to satisfy our future cash needs through equity financings and out-license
of technology. We cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are
not available, we may be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization
efforts with respect to our product candidates. This may raise substantial doubts about our ability to continue as a going concern.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
currently do not have any off-balance sheet arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt; text-align: left">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The following table
summarizes our contractual obligations at December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"> Total </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"> Less than 1 <BR> year </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"> 1-3 years </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"> 4-5 years </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"> More than <BR>
5 years </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; text-align: center"> (in thousands of U.S. dollars) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"> Operating leases: </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><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><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(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt"> Facility </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 28 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 28 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; 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: left"> License agreements </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"> 46 </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"> 46 </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><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: 0; text-align: center; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><A NAME="a_011"></A><B>BUSINESS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Overview </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
are a specialty pharmaceutical company led by an experienced team of senior executives and scientists, focused on creating and
enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, we have initiated two
internal drug development programs based on repurposing an FDA approved synthetic cannabinoid (dronabinol): <I>Joint Pharma </I>developing
THX-TS01 targeted to the treatment of Tourette Syndrome, or TS, and <I>BrainBright Pharma</I> developing THX-ULD01 targeted to
the high value and under-served market of mild cognitive impairments, or MCIs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
intend to seek FDA approval for the commercialization of our drug candidates through the Section 505(b)(2) regulatory pathway
under the Federal Food, Drug, and Cosmetic Act of 1938, as amended. The FDA&rsquo;s 505(b)(2) regulatory pathway permits the filing
of a new drug application, or NDA, where at least some of the information required for approval comes from studies that were not
conducted by or for the applicant, and for which the applicant has not received a right of reference. See &mdash; <I>&ldquo;Clinical
Strategy and Preclinical Results.&rdquo;</I> This approach could expedite the development program for our product candidates by
potentially decreasing the amount of clinical data that we would need to generate in order to obtain FDA approval. In addition,
with respect to our Joint Pharma program, we intend to pursue orphan drug designation in the United States and Europe. In June
2016, we submitted a request for orphan drug designation to the FDA for THX-TS01 for the treatment of TS. The FDA has indicated
their intent to respond to our request within 120 days. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Joint
Pharma</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
Joint Pharma program is dedicated to developing a cannabinoid based drug for the treatment of TS, which is an inherited neuropsychiatric
disorder usually onset in childhood. TS is characterized by multiple physical (motor) tics and at least one vocal (phonic) tic.
Although TS and other tic disorders were once thought to be very rare, it has become increasingly apparent that they are common
conditions. While epidemiological study results may vary, according to the U.S. Centers for Disease Control and Prevention, or
the CDC, as of 2012, one out of every 360 U.S. children (about 138,000) aged six to 17 years had been diagnosed with TS in the
United States. To date, only three drugs have been approved by the FDA to treat TS, most of which are limited to treating only
a narrow range of TS symptoms (mainly tics). Additionally, the usefulness of these drugs is also limited, since they are associated
with severe side effects that have resulted in the need for a &ldquo;black box&rdquo; warning. In many cases &ldquo;off-label&rdquo;
use of prescription medications not approved for the indication are associated with unwanted severe side effects that, in our
opinion, are also detrimental. Therefore, we believe there continues to be a great need for more effective, safer medications
targeted at treating tics as well as other features of TS. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
believe our proprietary THX-TS01 drug candidate takes a unique approach to the treatment of TS. THX-TS01 is a combination drug
candidate based on two components: (1) dronabinol, an FDA approved synthetic analog of tetrahydrocannabinol, or THC, which is
the psychoactive molecule in the cannabis plant, and (2) palmitoylethanolamide, or PEA, which is an endogenous fatty acid amide
that belongs to the class of nuclear factor agonists, which are proteins that regulate the expression of genes. We believe that
the combination of THC and PEA may induce a reaction known as the &ldquo;entourage effect.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
basic tenet of the entourage effect is that cannabinoids work together, or possess synergy, and affect the body in a mechanism
similar to the body&rsquo;s own cannabinoid system, which is a group of molecules and receptors in the brain that mediates the
psychoactive effects of cannabis. This entourage effect may account for the pharmacological actions of PEA. Based on an activity
enhancement of other physiological compounds, PEA may indirectly stimulate the cannabinoid receptors by potentiating their affinity
for a receptor or by inhibiting their metabolic degradation, and by doing so, may increase the uptake of cannabinoid compounds,
such as THC. Thus, we believe that the presence of the PEA molecule likely increases the efficacy of orally administered THC,
while reducing the required dosage and decreasing associated deleterious adverse events. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have completed the preclinical phase of development of THX-TS01 and are preparing to conduct a proof of concept, or POC, Phase
IIa clinical trial in the United States, which is scheduled to begin in the fourth quarter of 2016. In addition, we expect to
initiate a Phase IIb clinical trial in Europe in the second quarter of 2017. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>BrainBright
Pharma</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
BrainBright Pharma program takes a unique approach to developing a treatment for MCI. MCI refers to the transitional state between
the cognitive changes of normal aging and very early dementia. It can involve problems with memory, language, thinking and judgment
that are greater than normal changes related to age. The prevalence of MCI increases with age, at a rate of 10% in those aged
70-79 years and 25% in those aged 80-89 years. There is no FDA approved treatment for MCI. As MCI is believed to represent an
early state of Alzheimer&rsquo;s, several Alzheimer&rsquo;s treatments have been proposed for MCI. However, Alzheimer&rsquo;s
treatments are not currently widely recommended by the medical community for the routine treatment of MCI, and have not been shown
to delay or prevent the progression of MCI. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
proprietary THX-ULD01 drug candidate is based on an ultra-low dose of FDA approved dronabinol. We believe that sublingual and
nasal administration of dronabinol are safe and effective delivery methods that will enhance the bioavailability, or the rate
and extent of the drug when it reaches the site of action, of an ultra-low dose dronabinol. Sublingual administration has certain
advantages over oral administration. For example, it is often faster and it ensures that the substance will risk degradation only
by salivary enzymes before entering the bloodstream, whereas orally administered drugs must survive passage through the hostile
environment of the gastrointestinal tract, which risks degrading them, either by stomach acid or bile, or by the many enzymes
therein. Furthermore, after absorption from the gastrointestinal tract, such drugs must pass to the liver, where they may be extensively
altered; this is known as the first pass effect of drug metabolism. Similar advantages can be found in nasal drug administration
as the nasal cavity is covered by a thin well vascularized mucosa and therefore, a drug molecule can be transferred quickly across
the single epithelial cell layer directly to the systemic blood circulation without first-pass hepatic (i.e., through the liver)
and intestinal metabolism. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have persuasive preclinical data that supports using an ultra-low dose of dronabinol to improve cognitive abilities. In the first
quarter of 2017, we intend to conduct a Phase I clinical trial to document the pharmacokinetic parameters of THX-ULD01 and to
evaluate drug safety. During the second half of 2017, we expect to initiate a POC Phase IIa clinical trial to evaluate safety,
tolerability and efficacy of THX-ULD01 in treating patients with cognitive impairment. In addition, we may conduct further preclinical
studies in parallel to our clinical plans as part of the development of our innovative pipeline and for registration purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">With
respect to both our Joint Pharma and BrainBright Pharma programs, we intend to pursue a section 505(b)(2) regulatory path, which
may expedite the development of these programs by potentially decreasing the amount of clinical data that we would need to generate
in order to obtain FDA approval. We believe that the key benefits of this strategy include a relatively low scientific-technological
risk (compared to the risk of developing drugs based on new molecular entities) combined with relatively low costs and fast time
to market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Other indications</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Cannabis and its cannabinoids
have great therapeutic potential and have been used for years for medicinal purposes. For example, cannabis and cannabinoids are
being used to improve the quality of life of patients with numerous and diverse indications (oncological patients, chronic pain
conditions, etc.). We believe that the novel approaches and unique mechanism of action of our proprietary technology platforms,
including our drug delivery systems and unique combination and specific dosages, may be expanded to treat additional diseases
and unmet medical needs. In the future, we may consider expanding our pipeline to include these additional indications. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Our Technology
and Unique Approach to Drug Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>The Entourage Effect</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">Cannabinoids are a diverse
group of chemical compounds that operate on specific receptors in the body. Cannabinoids participate in a large number of physiological
processes and are used for treating a wide range of medical conditions. Cannabinoids have been proven as pain relievers and anti-inflammatory,
prevent nausea and enhance appetite and are therefore widely used among cancer patients who undergo chemotherapy. Other uses include
mental health and psychological conditions such as posttraumatic stress disorder and anxiety. Cannabinoid compounds have also
found to be effective in treating epilepsy, Parkinson's disease, cancer and multiple sclerosis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> In 1998, Prof. Raphael
Mechoulam, Israel Prize laureate, known for his pioneer work in the isolation, structure elucidation and total synthesis of THC,
described what he referred to as the &ldquo;entourage effect,&rdquo; which explains how an allegedly inactive compound synergizes
with an active cannabinoid. The entourage effect represents a novel endogenous cannabinoid molecular regulation route. The basic
idea of the entourage effect is that cannabinoids work better together, and may affect the body in a manner similar to the body&rsquo;s
own endocannabinoid system, which may lead to a synergistic pharmacological effect, due to: (i) the ability to affect multiple
targets within the body; (ii) improvement of absorption of active ingredients; (iii) ability to overcome bacterial defense mechanism;
and/or (iv) minimizing adverse side effects. Entourage effect research has greatly focused on PEA, which is part of the endocannabinoid
family and derived from fatty acids. PEA has additional pharmacological benefits such as relieving pain and inflammation. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">PEA has been shown to
possess anti-craving effects in cannabis dependent patients, is efficacious in the treatment of withdrawal symptoms, and is effective
in the prevention of cannabis induced neurotoxicity and neuro-psychiatric disorders. Moreover, we believe that because of PEA&rsquo;s
ability to stabilize mucosal mast cells and to prevent their degranulation, by combining THC therapy with PEA, one can overcome
the over-sensitization/irritation to the respiratory tract that THC may cause. PEA is not considered to be an active pharmaceutical
ingredient by the FDA. The FDA has determined PEA to be GRAS (Generally Recognized as Safe) with respect to certain food products.
In parts of Europe, PEA derived products (Normast&reg; and Pelvilen&reg;) have been marketed as a food for special medical purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">Several lines of evidence
suggest that cannabis and THC may be effective in the treatment of tic disorders. Unfortunately, due to adverse psychoactive side
effects involved with cannabis and high dosages of THC, cannabis has not become a viable treatment option for TS and other tic
related disorders. We believe that in order to harness the therapeutic potential of THC for the treatment of TS, there is a need
to reduce the accompanied adverse effects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We intend to stimulate
the entourage effect to maximize the therapeutic benefits of dronabinol to reduce tics, with decreased adverse and psychoactive
effects. The capacity of PEA to exert &ldquo;entourage effects&rdquo; comes from its ability to affect multiple targets within
the body, improve the absorption rate of active ingredients and minimize adverse side effects. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>The Ultralow Dose
Technology</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">Studies conducted in
recent years by Prof. Yosef Sarne at the Tel-Aviv University Faculty of Medicine found that an ultralow dose of THC protects the
brain from different degrees of long-term cognitive impairment which is liable to occur as a result of lack of oxygen supply,
seizures or use of drugs. Prof. Sarne&rsquo;s research of preclinical models demonstrated that an ultralow dose of THC injected
to small animals three to seven days before the injury to the brain can prevent the development of damage. Treatment with an ultralow
dose triggers defense mechanisms in the brain such as enhanced production of nerve growth factor, or NGF, that protect the brain&rsquo;s
nerve cells and retain long-term cognitive capabilities. The research conducted by Prof. Sarne and his colleagues revealed that
ultralow doses of THC can affect brain cell signals, prevent cell death and encourage the release of growth factors. Also, studies
have suggested that animals that received an ultralow dose of THC did better in behavioral tests that measure learning and memory
skills. Accordingly, we believe that an ultralow dose of dronabinol may be an effective treatment for MCI.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">MCI refers to the transitional
state between the cognitive changes of normal aging and very early dementia, and can involve problems with memory, language, thinking
and judgment that are greater than normal changes related to age. MCI has been proposed as a condition of intermediate symptomatology
between the cognitive changes of aging and fully developed symptoms of dementia, such as those seen in Alzheimer&rsquo;s. Although
MCI can present with a variety of symptoms, when memory loss is the predominant symptom it is frequently seen as a prodromal stage
of Alzheimer&rsquo;s.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> To the best of our
knowledge, there is no approved medicinal treatment for MCI. While it was once thought that Alzheimer&rsquo;s drugs may present
a viable treatment option for MCI patients, clinical trials have failed to demonstrate that any of these drugs delay or prevent
the progression of MCI, and Alzheimer&rsquo;s treatments are not currently widely recommended by the medical community for
the routine treatment of MCI. We seek to develop the first effective solution for MCI based on a significantly lower dose of FDA
approved dronabinol as compared to other FDA approved drugs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Our Initial Disease
Targets and Market Opportunity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Tourette Syndrome</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Tourette
Syndrome is a neuropsychiatric disorder, characterized by physical (motor) tics and vocal (phonic) tics. Motor or phonic tics
are sudden, brief, intermittent, involuntary or semi-voluntary movements or sounds, respectively. They typically consist of brief,
coordinated, repetitive movements, gestures, or utterances that mimic fragments of normal behavior.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Motor
tics may range from simple tics, including eye blinking, nose twitching, facial grimacing, shoulder shrugging, neck stretching
and head jerking, to more complex tics, including throwing, hitting, or making rude gestures. Phonic tics include sniffling, grunting,
throat clearing, blowing or coughing but can develop into words or parts of words including coprolalia (uttering swear words).
Tic symptoms of TS typically manifest between 4 and 6 years of age, and peak in severity between the ages of 10 and 12 years.
However, they often improve over the course of adolescence. Motor tics generally precede the development of phonic tics in TS,
and the onset of simple tics usually predates that of complex tics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> TS
appears in a wide range of tics severity, from mild symptoms that do not cause serious impairment and often go unnoticed, to loud
noises and forceful movements that can result in self-injury. The most dramatic and disabling tics are those that result in self-harm
such as punching oneself in the face, or vocal tics including echolalia (repeating other people&rsquo;s words), or coprolalia.
Many with TS experience additional neurobehavioral problems and comorbidities including inattention, hyperactivity and impulsivity,
anger control problems, sleep difficulties (including motor and vocal tics during all stages of sleep, sleep apnea, abnormal arousal
pattern, and other sleep disturbances) and obsessive-compulsive symptoms, such as intrusive thoughts/worries and repetitive behaviors.
Due to the potentially disabling nature of the physical symptoms, some patients face problems with daily activities, beyond those
caused by the social stigma associated with the disorder. Pharmacotherapy is used when symptoms are more severe and interfere
with the ability to function. Furthermore, in most cases, the prevalence of tics decrease during adolescence and early adulthood,
and sometimes disappear entirely; therefore adults with TS are very limited in numbers and usually manifest mainly moderate to
severe TS symptoms. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Market
Size</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
exact number of people with TS is unknown. The prevalence of TS and TS symptoms is greater in children than adults. CDC scientists
recently used data from the 2011-2012 National Survey on Children&rsquo;s Health, or NSCH, to estimate that one out of every 360
children between the ages of six through 17 have been diagnosed with TS in the United States. This accounts for an estimated 138,000
children.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Most
cases of TS are mild and do not require pharmacological treatment. In these cases, psycho-behavioral therapy, education, and reassurance
may be sufficient. According to the 2011-2012 NSCH data, among children with current TS, 63% were reported to have mild TS and
37% were reported as having moderate or severe forms of the condition. Thus, approximately 35,000 children in the U.S. had moderate
or severe TS in 2011-2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
intend to pursue Orphan Drug designation with the FDA and European Commission for THX-TS01 for the treatment of TS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Current
Treatment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Pharmacological
intervention is considered the first line of therapy for TS, but is reserved for more severe symptoms that interfere with the
individual&rsquo;s ability to function. Investigation of pharmacological therapies in TS started with the work of Arthur Shapiro
and his colleagues in the 1960s and 1970s, which showed that the dopamine activity blocker, haloperidol, reduces tic severity.
Today, a full class of drugs that interact with dopamine and non-dopamine systems in the brain are used in the treatment of TS
symptoms. Many of the drugs used to treat TS are limited to the treatment of a narrow range of TS symptoms (mainly tics), and
are associated with severe side effects, both of which limit their usefulness. Furthermore, several of these drugs have a black
box warning on their label due to their potentially lethal effect. A black box warning is the strictest warning put in the labeling
of prescription drugs or drug products by the FDA when there is reasonable evidence of an association of a serious hazard with
the drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
medications commonly used to treat symptoms of TS can be divided into the following groups:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Antipsychotic medications: belong to a class of drugs primarily
    used to manage psychosis. Of these, haloperidol and pimozide are approved for use in TS patients and aripiprazole is approved
    for use in TS pediatric patients. Fluphenazine is another antipsychotic medication that is often used to treat TS, off-label.
    The effectiveness of these drugs are limited to reducing tics. These drugs are associated with severe side effects. Common
    side effects of antipsychotics include: weight gain, sedation, akathisia (a state of agitation, distress, and restlessness),
    nausea and tardive dyskinesia (involuntary movements of the face and jaw). Other side effects associated with the use of antipsychotics
    may lead to lethal consequences. Some of these side effects may not disappear when the medication is discontinued.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Alpha2 Adrenergic Agonists: belong to a class of drugs primarily
    used to manage hypertension and migraine headaches prevention. Clonidine and guanfacine are used off-label for the reduction
    of tics in TS patients. Their usefulness was found to be limited, with modest favorable effects in children with Attention
    Deficit Hyperactivity Disorder, or ADHD. These drugs are often used in TS, given their improved tolerability when compared
    to antipsychotics. Yet, the exposure to these drugs is also associated with a wide list of side effects, and some of them,
    such as clonidine, might even be lethal.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Benzodiazepines, an anticonvulsant or antiepileptic drug: belong
    to a class of drugs primarily used to manage seizures, panic disorder and movement disorders. Of these, cloazepam is used
    off-label for the reduction of tics in TS patients. The exposure to these drugs is also associated with a series of negative
    side effects.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
the currently used medications are managing only a small number of disease symptoms with limited efficacy and questionable safety,
there is a clear unmet medical need for the management of TS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Mild Cognitive Impairment</I></B><I>
(<B>MCI)</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">MCI
is a brain function syndrome involving the onset and evolution of cognitive impairments. It can involve problems with memory,
language, thinking and judgment that are greater than normal age-related changes. MCI has been proposed as a condition of intermediate
symptomatology between the cognitive changes of aging and fully developed symptoms of dementia, such as those seen in Alzheimer&rsquo;s.
Recently MCI has been given more specific criteria as it was recognized that MCI is a heterogeneous condition. The most relevant
population for our product is the amnestic subtype of MCI, in which memory impairment is a key feature. In general, this population
is characterized by a subset of individuals with MCI who are likely to progress to clinically probable Alzheimer&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Market
Size </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
prevalence of MCI in the United States ranges between 3%-4% of the general population in their eighth decade. Amongst community-dwelling
African Americans, the estimated prevalence is 19.2% for those aged 65-74 years, 27.6% for those aged 75-84 years, and 38% for
those aged 85 years and older. The prevalence of mild cognitive impairment increases with age, at a rate of 10% in those aged
70-79 years and 25% in those aged 80-89 years. Many studies indicate that the risk of developing Alzheimer&rsquo;s is significantly
higher in women than in men, and it is therefore presumed that the likelihood of developing MCI is greater in women than in men.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">MCI
refers to the gradual, progressive, and transitional state between the cognitive changes of normal aging and very early dementia.
Dementia is a syndrome caused by a number of progressive illnesses that affect memory, thinking behavior and the ability to perform
everyday activities. It mainly affects older people, though 2% to 10% of all cases are estimated to start before the age of 65.
After that, the prevalence doubles with every five year increment in age. As of 2015, there were an estimated 46.8 million people
with dementia worldwide. According to World Alzheimer Report 2015, this number is estimated to increase by 2030 to an estimated
74.7 million. Delaying or preventing the transition between MCI and dementia could potentially affect the prevalence of dementia
in the general population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The global societal
economic cost of dementia for 2015 is estimated at $818 billion, a 35% increase from the cost estimate for 2010, which was $604
billion. Projecting this trend forwards, the estimation is that the global cost of dementia will reach $1 trillion in 2018. Around
half of this increase can be attributed to growth in the numbers of people with dementia, and half to increases in per capita
costs, particularly in low and middle income countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Current Treatment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> There is no FDA approved treatment or
therapy for MCI. As MCI may represent an early state of Alzheimer&rsquo;s, several treatments proposed for Alzheimer&rsquo;s,
such as cholinesterase inhibitors, have been proposed for MCI. However, clinical trials have failed to demonstrate that any of
these drugs delay or prevent the progression of MCI, and Alzheimer&rsquo;s treatments are not currently widely recommended
by the medical community for the routine treatment of MCI. Furthermore, there are some indications that cognitive decline of MCI
patients may be accelerated by using Alzheimer&rsquo;s drugs. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Medicinal Cannabis Market</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The medicinal cannabis market is an important
and evolving segment in global medical therapy. The growing awareness of the medicinal benefits of the active cannabinoids in
the plant and its use for improving the quality of life of patients with numerous and diverse indications (oncological patients,
chronic pain conditions etc.), as well as the global trends of regulatory changes relating to the use of the plant and of cannabinoids,
have all led to a rapid growth in this market. The recent changes in the perception of medicinal cannabis and the scientific and
medical acknowledgement of its benefits have created a growing need for more efficient drugs with an improved tolerance profile.
The market for medicinal cannabis (and its medical substitutes) is estimated at approximately $2 billion per year in the United
States alone and is expected to continue showing significant growth in the coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> During the past
five years, the medical cannabis industry has experienced high growth rates due to increasingly favorable conditions across the
United States, including support from the general public and state legislators for legislation legalizing the use of medical cannabis.
In the United States, the combined retail and wholesale cannabis industry (both medical and recreational) grew by 80%, from $1.5
billion in 2013 to $2.7 billion in 2014, firmly establishing cannabis as one of the fastest growing industries in America. According
to the 2014 edition of the Marijuana Business Factbook, U.S. retail cannabis sales are expected to triple in the next five years
to approximately $8.2 billion by 2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A similar phenomenon
is occurring also in Europe and Canada. According to an industry research report, the European market is expected to grow between
the years 2014&ndash;2018 to $10 billion, at a rate of 10% compound annual growth rate &ndash; a moderate growth projection in
comparison to the U.S. market projections. However, in terms of dollar value, the European market is still larger. The Canadian
market for medicinal use was estimated at $144 million in 2014, and is expected to reach $380 million by 2018. The growth rate
is expected to reach 25% per annum, which will bring the market to $1.4 billion within the next ten years. According to a recent
Health Canada projection, the Canadian market has grown from 500 authorized users in 2001 to more than 40,000 patients in 2014,
and official forecasts predict that approved patients will grow to over 1.2% of the total population in ten years, reaching more
than 400,000 patients by 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B>Clinical Strategy and Preclinical
Results</B>&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our strategy is
to build a leading specialty pharmaceutical company focused around the repurposing, repositioning and improvement of FDA approved
cannabinoid molecules for various indications, including TS and MCI. The key benefits of this strategy include a relatively low
scientific-technological risk (compared to the risk of developing drugs based on new molecular entities) combined with relatively
low costs and fast time to market achieved through fast-track regulatory paths.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> With respect
to both our Joint Pharma and BrainBright programs, we intend to seek regulatory approval through the FDA&rsquo;s 505(b)(2) regulatory
path. The FDA&rsquo;s 505(b)(2) regulatory pathway permits the filing of a new drug application, or NDA, where at least some of
the information required for approval comes from studies that were not conducted by or for the applicant, and for which the applicant
has not received a right of reference. We intend to rely both on published literature and upon the FDA&rsquo;s finding of safety
and effectiveness for a previously approved drug product &ndash; dronabinol (trade name Marinol&reg;). As we intend to use either
the same or a lower dose of dronabinol compared to other FDA approved drugs, we believe that we will be able to rely upon the
general safety findings of these other approved dronabinol products. This approach could expedite the development program for
our product candidates by potentially decreasing the amount of clinical data regarding safety that we would need to generate in
order to obtain FDA approval. The safety literature for dronabinol indicates that serious, uncommon side-effects include seizure,
paranoia, disorganized/unusual behavior and tachycardia, or an abnormally rapid heart rate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Furthermore,
we have submitted a request for Orphan Drug designation from the FDA for our Joint Pharma program. We intend to pursue orphan
designation with the European Commission. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"> <I>Joint Pharma Strategy</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We are currently
preparing to conduct a 12-week POC Phase IIa clinical trial in the United States to begin in the fourth quarter of 2016. Our collaborators
from Yale University have submitted an IND for this trial, and we have received a &ldquo;study may proceed&rdquo; notification
from the FDA. The proposed trial will evaluate the safety, tolerability and efficacy of THX-TS01 in treating approximately 18
TS subjects aged 18 to 60 that meet Diagnostic and Statistical Manual of Mental Disorders-Fifth Edition criteria for the diagnosis
of TS. Severity of tics and disease, common comorbid symptoms such as Obsessive Compulsive Disorder, or OCD, ADHD, depression
and anxiety severity will also be assessed. Study patients will receive oral THX-TS01 once daily for the duration of the study.
The overall estimated study duration is 10-12 months. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The primary efficacy
endpoint is the change from baseline to end of 12 weeks treatment in the Yale Global Tic Severity Scale Total Tic Score, which
is a clinical rating instrument designed to provide an evaluation of tic severity. Secondary efficacy endpoints include demonstrating
the safety and tolerability of THX-TS01 and to evaluate the benefit of THX-TS01 on premonitory urges, quality of life, disease
severity, and comorbidities including ADHD, OCD, depression and anxiety. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We expect to initiate
a similar 13-week Phase IIb trial in Europe in the second quarter of 2017 with approximately 20 patients. The proposed Phase IIb
trial will be a randomized, double-blind, parallel-group, placebo-controlled study. Study patients will be randomized to either
oral THX-TS01 or placebo at a 1:1 ratio. The overall estimated study duration is 10-12 months. We may also conduct further preclinical
studies in parallel to our clinical plans as part of registration process. Based on these studies, we intend to conduct a Phase
III, multinational, multicenter, randomized, double-blind, parallel-group, placebo controlled study to evaluate the safety, tolerability
and efficacy of up to twice daily oral THX-TS01 in treating TS. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Joint Pharma Preclinical
Data</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We have completed
the preclinical phase of testing for TS. We have completed a POC study to evaluate the entourage effect of PEA and dronabinol
in a murine (mice) model. In the study PEA was co-administered with THC. Animals were measured for the following facets of behavior:
(i) total distance traveled, (ii) velocity, and (iii) time spent in the center of the arena. Total distance traveled may indicate
the overall change in animal behavior, where increased values indicate agitation, while decreased values may indicate calmness.
Results showed that THC alone did not affect the total distance traveled but PEA in combination with THC reduced the total distance
traveled. We believe that these results indicate the effect of PEA on stress reduction. With respect to velocity, an increase
in average animal velocity may indicate uncontrolled movement. Results showed that high doses of THC (50 mg/kg) led to an increase
in average animal velocity in treated mice whereas addition of PEA to high dose THC treatment resulted in a slight reduction and
normalization of this effect. Low dose THC (12.5 mg/kg) did not affect animal velocity and was comparable to control, while the
addition of PEA was found to further reduce this value. Reduction in time spent in the arena may indicate increased anxiety of
the animal. A high dose of THC significantly reduced the value of time spent in the center of the arena, as compared to the control
group, suggesting that a high dosage of THC increased anxiety in the test subject. Co-administration of PEA with high dose THC
markedly increased this value, bringing it back, close to the value observed in control mice. We believe that this may indicate
that PEA prevents high dose THC-induced anxiety. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <I>BrainBright
Pharma Strategy</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">In the first quarter
of 2017, we intend to conduct an open-label Phase I clinical trial in Canada or the United States, to document the pharmacokinetic
parameters of THX-ULD01 and to evaluate drug safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> During
the second half of 2017, we expect to initiate a prospective, open label, randomized Phase IIa clinical trial in Israel or Europe,
to evaluate safety, tolerability and efficacy of THX-ULD01 in treating patients with cognitive impairment. The primary efficacy
endpoint of this prospective trial will be to change from baseline to end of 6-weeks in the Computerized Neurocognitive Battery,
or CNB. CNB is designed to measure the performance accuracy and speed of specific neurobehavioral domains using previously validated
tests. These tests have been applied in neuroimaging studies for measuring individual differences in performance, and measure
accuracy and speed of performance in major domains of cognition, including executive-control functions (abstraction, attention,
working memory), episodic memory (verbal, facial, spatial), complex cognitive processing (language reasoning, nonverbal reasoning,
spatial processing), social cognition (emotion identification, emotion intensity differentiation, age differentiation) and sensorimotor
and motor speed. CNB measurements will be used to detect cognitive impairment and improvements. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Secondary
efficacy end points are to demonstrate safety and tolerability of THX-ULD01 and to evaluate the benefit of THX-ULD01 on the patients&rsquo;
mood, anxiety and overall quality of life using the Hamilton scale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left"> <I>BrainBright Pharma Preclinical
Data</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We have persuasive
preclinical data that supports using an ultra-low dose administration of dronabinol to improve cognitive abilities. The data is
based on multiple experiments done by Prof. Sarne's group from the Tel-Aviv University, for which we have licensed the results. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> These experiments
and preclinical studies have shown that an ultra-low dose of THC may protect mice&rsquo;s brains from a variety of brain insults.
A single injection of an ultra-low dose of THC prevented the cognitive damage that was induced by either hypoxia (oxygen deficiency),
deep anesthesia, methylenedioxy-methamphetamine-toxicity, epileptic seizures or neuroinflammation. THC was applied either 1-3
days before or 1-7 days after the insult. The protective effect of the single injection of ultra-low THC lasted for at least 7
weeks. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> An additional study
tested whether a similar ultra-low dose of THC could reverse age-dependent cognitive decline in mice. Old (18-24 months) mice
performed significantly worse than young (3-4 months) mice in a battery of cognitive assays. However, study results indicate that
old mice that had been injected once with an ultra-low dose of THC performed significantly better than placebo (control)-treated
old mice, and performed similar to young mice in all applied assays. The improvement in cognitive functioning lasted for at least
7 weeks following a single injection of ultra-low THC. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> We believe that these
findings suggest that extremely low doses of THC may provide a safe and effective treatment for mild cognitive impairment. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">We may conduct further
preclinical studies in parallel to our clinical plans as part of the development of our innovative pipeline and for registration
purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Intellectual Property
</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
intellectual property portfolio consists of two granted patents and 10 patent applications, of which eight applications have either
PCT pending status or are under examination by national authorities. Five of our patent applications have been developed internally.
Our two granted patents and other five patent applications have been in-licensed from academic institutions such as Ramot and
Yissum, or pharmaceutical companies, such as Dekel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Internally
Developed Patent Applications </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
April 2015, we filed a provisional application with the USPTO for combinations of cannabinoids, n-acylethanolamines, and inhibitors
of n-acylethanolamine degradation, which, on April 2016 entered into PCT stage. The technology is based on the entourage effect
paradigm, and is directed to utilizing the potentiating effect of N-acylethanolamines on cannabinoids for any cannabinoid amenable
indication, including but not limited to analgesia and Tourette's syndrome. Any resulting patent from this application would be
expected to expire in April 2036.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
May 2015, we filed a provisional application with the USPTO for combinations of opioids, n-acylethanolamines, and inhibitors of
n-acylethanolamines degradation, which, on May 2016 entered into PCT stage. The technology is also based on the entourage effect
paradigm, purposed with utilizing the potentiating effect of N-acylethanolamines on opioids for opioid amenable indications. Any
resulting patent from this application would be expected to expire in May 2036.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
August 2015, we filed a provisional application with the USPTO for the technology which is also based on the entourage effect,
and is directed to potentiating the efficacy of retinoids and retinoid derived molecule based therapies for any retinoid amenable
indication. Any resulting patent from this application would be expected to expire in August 2035.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
July 2016, we filed a provisional application with the USPTO for the technology which is based on potentiating the efficacy of
currently used antibiotics. Any resulting patent from this application would be expected to expire in July 2036.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>In-Licensed
Patents and Patent Applications </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
June 2015, we entered into an exclusive, irrevocable, worldwide license agreement with Dekel for certain technology and patent
applications related to compositions and methods for treating inflammatory disorders. Pursuant to the license agreement, in May
2016 we issued Dekel 200,000 of our Ordinary Shares at a price per share of NIS 0.5 on account of future royalty payments, and
granted Dekel an option to purchase up to $500,000 of our Ordinary Shares at an exercise price of NIS 0.5 per share, exercisable
for 90 days. The option was fully exercised as of November 2015. We also granted Dekel an additional option to purchase up to
$2,000,000 of our Ordinary Shares at an exercise price of NIS 0.65 per share, exercisable for 12 months. To date, 65% of the second
option (representing warrants to purchase 7,760,256 Ordinary Shares) has been exercised, for aggregate consideration of NIS 5
million, and the remainder of the option has expired. Pursuant to the license agreement, we are obligated to pay Dekel fees based
on specific milestones and royalties upon commercialization. The milestone payments include: (i) $25,000 upon the successful completion
of preclinical trials; (ii) $75,000 upon the successful completion of a Phase I/IIa trial; and (iii) $75,000 upon the earlier
of generating net revenues of at least $200,000 from the commercialization of the technology or the approval of the FDA / EMA
of a drug based on the licensed assets. In each case, the respective milestone payments are payable in cash or equity based on
a price per Ordinary Share of NIS 0.5. The royalty payments consist of a percentage rate in the high single-digits for commercialization
and a percentage rate in the thirties pursuant to a sub-license of the licensed assets. The patent expiration dates of any patents
maturing from these applications would likely be 2029-2035. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
February, 2016, we entered into an exclusive, irrevocable, worldwide research and license agreement with Ramot for a patent application
relating to methods for treatment of cognitive decline with low doses of THC. Pursuant to the agreement, we are obligated to pay
patent filing and prosecution expenses, including past expenses, and to fund further research in an amount of approximately NIS
237,630. Furthermore, we are obligated to pay fees (aggregating approximately $3.5 million) upon the occurrence of certain milestones,
including achieving the completion of a Phase II clinical trial, pivotal clinical trial, filing an NDA with the FDA, the receipt
of regulatory approvals and the achievement of worldwide sales which exceed certain thresholds. Pursuant to the agreement, we
are obligated to pay royalties at a low single digit percentage rate upon commercialization of a product based on licensed asset,
and a percentage rate in the low twenties pursuant to a sublicense of the licensed assets. Pursuant to the agreement we undertook
to conduct technology research and we may terminate such obligation with no further obligation to fund it should the principal
investigator ceases to supervise the research and Ramot will be unable to locate an alternative scientist acceptable to us. The
exclusivity under the license agreement expires upon expiration of all of our payment obligations under the agreement, after which
Ramot shall be entitled to freely use, sell, and otherwise transfer the technology under the license and grant further licenses
without accounting to us. The patent expiration date of any patent maturing from this application would likely be 2034. We expect
the exclusivity period to end upon the earlier of the termination of the license agreement or the patent expiration date. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> In June 2016,
we entered into a binding term sheet with Yissum whereby we will be granted a license to an issued patent, including foreign counterparts,
that covers nasal delivery of cannabinoids (U.S. 8911751B2, EP 1933809B1, China 101325944B, Japan 5362360B2). Pursuant to the
term sheet, Yissum will grant us an exclusive, worldwide license to the patent and we will pay Yissum fees based on specific milestones
and medial single-digit royalties upon the commercialization of a product based on the licensed assets. Royalty rates will decrease
to a low single-digit percentage upon commercialization of a competitive product or if we are required to pay a third party in
order to sell the technology based product. We further undertook to pay all patent filing and prosecution expenses, including
past expenses. Pursuant to the term sheet, in the event that we establish an affiliated company to exploit the license, an equity
allocation to Yissum will be negotiated in good faith. The patent expiration date for the patent covered by the binding term sheet
is 2028. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
June 2016, we entered into a binding term sheet-agreement with another pharmaceutical company for certain intellectual property
rights, including a provisional patent application covering the method and formulation for the sublingual administration of THC
with enhanced bioavailability. Pursuant to the term sheet, we will receive an exclusive, irrevocable, worldwide, license to develop,
manufacture, and commercialize a drug based on a low-dose of THC and a right of first negotiation with respect to normal-dose
technology within the twenty four months of the effective date of the term sheet. We agreed to pay all costs and expenses related
to the development of the technology, and to conduct, at our own expense, a PK/bioavailability study. We shall further pay the
licensor a low single-digit royalty rate upon commercialization of a product based on the licensed assets. Furthermore, the licensor
shall have the right to use the study results. The licensor shall pay us a low single-digit royalty rate from any income from
other uses of the technology. While we will be responsible for the development of the technology, the licensor will be responsible
for the formulation development. The term sheet further includes the development stages and estimated development costs. Filing
and patent prosecution will be borne by both parties. Entry into a definitive license agreement is subject upon our successful
completion of a PK/bioavailability study. The patent expiration date of any patent maturing from this application would likely
be 2035. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Other
Intellectual Property Protection</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition to patent protection, we intend to use other means to protect our proprietary rights, including pursuing marketing or
data exclusivity periods, orphan drug status, and similar rights that are available under regulatory provisions in certain countries,
including but not limited to the United States, Europe, Japan, and China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
also rely on trade secrets, know-how, and continuing innovation to develop and maintain our competitive position. We cannot be
certain that patents will be granted with respect to any of our pending patent applications or with respect to any patent applications
filed by us in the future, nor can we be sure that any of our existing patents or any patents granted to us in the future will
be commercially useful in protecting our technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
also seek regulatory approval for our products for indications with high unmet medical need, great market potential, and where
we have a proprietary position through patents covering various aspects of our products, including but not limited to: composition,
dosage, formulation, use, and manufacturing process. Our success depends, in part, on an intellectual property portfolio that
supports future revenue streams and erects barriers to our competitors. We are maintaining and building our patent portfolio through
filing new patent applications, prosecuting existing applications, and licensing and acquiring new patents and patent applications. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Despite
these measures, any of our intellectual property and proprietary rights could be challenged, invalidated, circumvented, infringed
or misappropriated. Intellectual property and proprietary rights may not be sufficient to permit us to take advantage of current
market trends or otherwise to provide competitive one. For more information, see Risk Factors- &ldquo;Risks Related to our Intellectual
Property.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Out-licensing
of intellectual property assets </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt"> In June 2016, we entered into a share transfer
agreement with our former subsidiary, Orimmune, and Karma Link, according to which we sold our holdings in Orimmune to Karma Link
and will assist the assignment of&nbsp;certain rights to a certain antibody Anti-CD3 technology (which was in-licensed by us from
Hadasit, and certain internally developed assets and technology relating thereto). In consideration of the sale and transfer,
Karma Link paid us NIS 1.00 and will assume all liabilities of Orimmune. While we are entitled to receive a percentage rate in
the mid-teens of all proceeds received by Karma Link from Orimmune or from third parties in connection with the Orimmune shares
or assets, including fees, dividends and other forms of payment, we do not believe that these payments, if made at all, will provide
us with any material revenue. The sale of our holdings in Orimmune was completed in August 2016. The transfer of the assets is
pending the necessary permits and approvals of the INATI, which to date have been declined due to INATI's claim that the registration
of certain of the intellectual property rights is not in compliance with INATI rules. We are currently negotiating the issues
with INATI in order to facilitate the transfer. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Commercialization </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
intend to build a global commercial infrastructure to effectively support the commercialization of our product candidates, if
and when we believe regulatory approval of a product candidate in a particular geographic market appears imminent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> To
develop the appropriate commercial infrastructure, we will likely have to invest significant amounts of financial and management
resources, some of which we expect to commit prior to completing the regulatory process for our product candidates. Where appropriate,
we may elect in the future to utilize strategic partners, distributors, or contract sales forces to assist in the commercialization
of our products. In certain instances we may consider building our own commercial infrastructure. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Competition </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
biotechnology and pharmaceutical industries are characterized by rapidly advancing technologies, intense competition and a strong
emphasis on proprietary products. While we believe that our scientific knowledge, technology and development experience provide
us with competitive advantages, we face potential competition from many different sources, including major pharmaceutical, specialty
pharmaceutical and biotechnology companies, academic institutions, governmental agencies and public and private research institutions.
Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that
may become available in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
first THC-based pharmaceutical, a pill sold under the commercial name of Marinol (scientific name: dronabinol), was developed
by a company called Unimed Pharmaceuticals, with funding provided by the National Cancer Institute. In 1985, Marinol received
FDA approval as a treatment for chemotherapy-related nausea and vomiting. Since then, other pharmaceuticals containing THC have
also been developed. These include Cesamet (nabilone), a synthetic isomer of THC, and Sativex (nabiximols), a whole cannabis extract
administered as an oral spray. Furthermore, we are aware of multiple companies that are working in the&nbsp;cannabis&nbsp;therapeutic
area and are pursuing regulatory approval for their product candidates. For example, GW Pharmaceuticals&nbsp;PLC, which markets
Sativex, a botanical cannabinoid oral mucosal for the treatment of spasticity due to multiple sclerosis is seeking FDA approval
in the United States, and is developing Epidiolex, a liquid formulation of highly purified cannabidiol extract, as a treatment
for Dravet&rsquo;s Syndrome, Lennox Gastaut Syndrome, and various childhood epilepsy syndromes. Insys Therapeutics,&nbsp;Inc.
is also seeking FDA approval for an orally-administered liquid formulation of its synthetic cannabidiol compound as a treatment
for Dravet&rsquo;s Syndrome, Lennox Gastaut Syndrome, and other childhood epilepsy syndromes and dronabinol oral solution as a
treatment for nausea and vomiting associated with cancer chemotherapy and anorexia / weight loss in patients with AIDS. Zynerba
Pharmaceuticals, Inc. is developing a transdermal formulation of cannabidiol, and Nemus Bioscience,&nbsp;Inc. is focused on the
discovery, development and commercialization of&nbsp;cannabis&nbsp;therapeutics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
competitors, either alone or through their strategic partners, might have substantially greater name recognition and financial,
technical, manufacturing, marketing and human resources than we do and significantly greater experience and infrastructure in
researching and developing pharmaceutical products, obtaining FDA and other regulatory approvals of those products and commercializing
those products around the world. They may also have intellectual property portfolios that provide them with significant competitive
advantages or create substantial barriers in our target markets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Manufacturing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
currently expect to contract with third parties for the manufacturing and testing of our product candidates for preclinical trials
and clinical trials and intend to do so in the future. We do not own or operate manufacturing facilities for the production of
clinical quantities of our product candidates. We currently have no plans to build our own clinical or commercial scale manufacturing
capabilities. The use of contracted manufacturing and reliance on collaboration partners is relatively cost-efficient and has
eliminated the need to directly investment in manufacturing facilities and additional staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">To
date, our third-party manufacturers have met our manufacturing requirements. We expect third-party manufacturers to be capable
of providing sufficient quantities of our product candidates to meet anticipated full scale commercial demands. To meet our projected
needs for commercial manufacturing, third parties with whom we currently work might need to increase their scale of production,
or we will need to secure alternate suppliers. We believe that there are alternate sources of supply that can satisfy our clinical
and commercial requirements, although we cannot be certain that identifying and establishing relationships with such sources,
if necessary, would not result in significant delay or material additional costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Government Regulation
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>FDA Approval Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
the United States, pharmaceutical product candidates are subject to extensive regulation by the FDA. The FDC Act, and other federal
and state statutes and regulations, govern, among other things, the research, development, testing, manufacture, storage, recordkeeping,
approval, labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling, and import and export
of pharmaceutical product candidates. Failure to comply with applicable U.S. requirements may subject a company to a variety of
administrative or judicial sanctions, such as FDA refusal to approve pending NDAs, warning letters, product candidate recalls,
product candidate seizures, total or partial suspension of production or distribution, injunctions, fines, civil penalties and
criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Pharmaceutical
product candidate development in the United States typically involves pre-clinical laboratory and animal tests, the submission
to the FDA of an IND, which must become effective before clinical testing may commence, and adequate, well-controlled clinical
trials to establish the safety and effectiveness of the drug for each indication for which FDA approval is sought. Satisfaction
of FDA pre-market approval requirements typically takes many years and the actual time required may vary substantially based upon
the type, complexity and novelty of the product candidate or disease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Pre-clinical
tests include laboratory evaluation of product candidate chemistry, formulation and toxicity, as well as animal trials to assess
the characteristics and potential safety and efficacy of the product candidate. The conduct of the pre-clinical tests must comply
with federal regulations and requirements, including good laboratory practices. The results of pre- clinical testing are submitted
to the FDA as part of an IND along with other information, including information about product candidate chemistry, manufacturing
and controls, and a proposed clinical trial protocol. Long term pre-clinical tests, such as animal tests of reproductive toxicity
and carcinogenicity, may continue after the IND is submitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
30-day waiting period after the submission of each IND is required prior to the commencement of clinical testing in humans. If
the FDA has not imposed a clinical hold on the IND or otherwise commented or questioned the IND within this 30-day period, the
clinical trial proposed in the IND may begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Clinical
trials involve the administration of the investigational new drug to healthy volunteers or patients under the supervision of a
qualified investigator. Clinical trials must be conducted: (i)&nbsp;in compliance with federal regulations, (ii)&nbsp;in compliance
with GCP, an international standard meant to protect the rights and health of patients and to define the roles of clinical trial
sponsors, administrators and monitors, and (iii)&nbsp;under protocols detailing the objectives of the trial, the parameters to
be used in monitoring safety and the effectiveness criteria to be evaluated. Each protocol involving testing on U.S. patients
and subsequent protocol amendments must be submitted to the FDA as part of the IND.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
FDA may order the temporary, or permanent, discontinuation of a clinical trial at any time or impose other sanctions if it believes
that the clinical trial either is not being conducted in accordance with FDA requirements or presents an unacceptable risk to
the clinical trial patients. The trial protocol and informed consent information for patients in clinical trials must also be
submitted to an IRB for approval. An IRB may also require the clinical trial at the site to be halted, either temporarily or permanently,
for failure to comply with the IRB&rsquo;s requirements or may impose other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Clinical
trials to support NDAs for marketing approval are typically conducted in three sequential phases, but the phases may overlap.
In Phase&nbsp;1, the initial introduction of the drug into healthy human subjects or patients, the drug is tested to assess metabolism,
pharmacokinetics, pharmacological actions, side effects associated with increasing doses and, if possible, early evidence on effectiveness.
Phase&nbsp;2 usually involves trials in a limited patient population to determine the effectiveness of the drug for a particular
indication, dosage tolerance and optimum dosage, and to identify common adverse effects and safety risks. If a compound demonstrates
evidence of effectiveness and an acceptable safety profile in Phase&nbsp;2 evaluations, Phase&nbsp;3 trials are undertaken to
obtain the additional information about clinical efficacy and safety in a larger number of patients, typically at geographically
dispersed clinical trial sites, to permit the FDA to evaluate the overall benefit-risk relationship of the drug and to provide
adequate information for the labeling of the drug. In most cases, the FDA requires two adequate and well-controlled Phase&nbsp;3
clinical trials to demonstrate the efficacy of the drug. A single Phase&nbsp;3 trial with other confirmatory evidence may be sufficient
in rare instances where the trial is a large multicenter trial demonstrating internal consistency and a statistically very persuasive
finding of a clinically meaningful effect on mortality, irreversible morbidity, or prevention of a disease with potentially serious
outcome, and confirmation of the result in a second trial would be practically or ethically impossible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">After
completion of the required clinical testing, an NDA is prepared and submitted to the FDA. FDA approval of the NDA is required
before marketing of the product candidate may begin in the United States. The NDA must include the results of all pre-clinical,
clinical, and other testing and a compilation of data relating to the product candidate&rsquo;s pharmacology, chemistry, manufacture,
and controls. The cost of preparing and submitting an NDA is substantial. Under federal law, the submission of most NDAs is additionally
subject to a substantial application user fee, for Fiscal Year 2016 $2,374,200, and the manufacturer and/or sponsor under an approved
NDA are also subject to annual product candidate and establishment user fees, for Fiscal Year 2016 $114,450 per product candidate
and $585,200 per establishment. These fees are typically increased annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
FDA has 60&nbsp;days from its receipt of an NDA to determine whether the application will be accepted for filing based on the
agency&rsquo;s threshold determination that it is sufficiently complete to permit substantive review. Once the submission is accepted
for filing, the FDA begins an in-depth review. The FDA has agreed to certain performance goals in the review of NDAs. Most such
applications for standard review drug product candidates are reviewed within 10 to 12 months, while most applications for priority
review drugs are reviewed in six to eight months. Priority review can be applied to drugs that the FDA determines offer major
advances in treatment, or provide a treatment where no adequate therapy exists. For biologics, priority review is further limited
only for drugs intended to treat a serious or life-threatening disease relative to the currently approved product candidates.
The review process for both standard and priority review may be extended by FDA for three additional months to consider certain
late-submitted information, or information intended to clarify information already provided in the submission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
FDA may also refer applications for novel drug product candidates, or drug product candidates that present difficult questions
of safety or efficacy, to an advisory committee, which is typically a panel that includes clinicians and other experts, for review,
evaluation and a recommendation as to whether the application should be approved. The FDA is not bound by the recommendation of
an advisory committee, but it generally follows such recommendations. Before approving an NDA, the FDA will typically inspect
one or more clinical sites to assure compliance with GCP. Additionally, the FDA will inspect the facility or the facilities at
which the drug is manufactured. The FDA will not approve the product candidate unless compliance with current good manufacturing
practices, or cGMP, is satisfactory and the NDA contains data that provide substantial evidence that the drug is safe and effective
in the indication studied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">After
the FDA evaluates the NDA and the manufacturing facilities, it issues either an approval letter or a complete response letter.
A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing,
or information, in order for the FDA to reconsider the application. If, or when, those deficiencies have been addressed to the
FDA&rsquo;s satisfaction in a resubmission of the NDA, the FDA will issue an approval letter. The FDA has committed to reviewing
such resubmissions in two or six months depending on the type of information included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">An
approval letter authorizes commercial marketing of the drug with specific prescribing information for specific indications. As
a condition of NDA approval, the FDA may require a risk evaluation and mitigation strategy, or REMS, to help ensure that the benefits
of the drug outweigh the potential risks. REMS can include medication guides, communication plans for health care professionals,
and elements to assure safe use, or ETASU. ETASU can include, but are not limited to, special training or certification for prescribing
or dispensing, dispensing only under certain circumstances, special monitoring, and the use of patient registries. The requirement
for a REMS can materially affect the potential market and profitability of the drug. Moreover, product candidate approval may
require substantial post-approval testing and surveillance to monitor the drug&rsquo;s safety or efficacy. Once granted, product
candidate approvals may be withdrawn if compliance with regulatory standards is not maintained or problems are identified following
initial marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Disclosure of Clinical Trial Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Sponsors
of clinical trials of certain FDA-regulated product candidates, including prescription drugs, are required to register and disclose
certain clinical trial information on a public website maintained by the U.S. National Institutes of Health. Information related
to the product candidate, patient population, phase of investigation, study sites and investigator, and other aspects of the clinical
trial is made public as part of the registration. Sponsors are also obligated to disclose the results of these trials after completion.
Disclosure of the results of these trials can be delayed until the product candidate or new indication being studied has been
approved. Competitors may use this publicly available information to gain knowledge regarding the design and progress of our development
programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Fast Track Designation and Accelerated
Approval </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">TS
may be considered as a serious condition with a potentially disabling nature. The FDA has programs to facilitate the development,
and expedite the review, of drugs that are intended for the treatment of a serious or life-threatening disease or condition for
which there is no effective treatment and which demonstrate the potential to address unmet medical needs for the condition so
these therapies for serious conditions are approved and available to patients as soon as it can be concluded that the therapies&rsquo;
benefits justify their risk. Under the Fast Track Program, the sponsor of a new drug candidate may request that FDA designate
the drug candidate for a specific indication as a Fast Track drug concurrent with, or after, the filing of the IND for the drug
candidate. FDA must determine if the drug candidate qualifies for Fast Track designation within 60&nbsp;days of receipt of the
sponsor&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Fast Track Program and FDA&rsquo;s accelerated approval regulations, FDA may approve a drug for a serious or life-threatening
illness that provides meaningful therapeutic benefit to patients over existing treatments based upon a surrogate endpoint that
is reasonably likely to predict clinical benefit, or on a clinical endpoint that can be measured earlier than irreversible morbidity
or mortality, that is reasonably likely to predict an effect on irreversible morbidity or mortality or other clinical benefit,
taking into account the severity, rarity or prevalence of the condition and the availability or lack of alternative treatments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
clinical trials, a surrogate endpoint is a measurement of laboratory or clinical signs of a disease or condition that substitutes
for a direct measurement of how a patient feels, functions or survives. Surrogate endpoints can often be measured more easily
or more rapidly than clinical endpoints. A drug candidate approved on this basis is subject to rigorous post-marketing compliance
requirements, including the completion of Phase&nbsp;4 or post- approval clinical trials to confirm the effect on the clinical
endpoint. Failure to conduct required post-approval studies, or confirm a clinical benefit during post-marketing studies, will
allow FDA to withdraw the drug from the market on an expedited basis. All promotional materials for drug candidates approved under
accelerated regulations are subject to prior review by FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition to other benefits such as the ability to use surrogate endpoints and engage in more frequent interactions with FDA, FDA
may initiate review of sections of a Fast Track drug&rsquo;s NDA before the application is complete. This rolling review is available
if the applicant provides, and FDA approves, a schedule for the submission of the remaining information and the applicant pays
applicable user fees. However, FDA&rsquo;s time period goal for reviewing an application does not begin until the last section
of the NDA is submitted. Additionally, the Fast Track designation may be withdrawn by FDA if FDA believes that the designation
is no longer supported by data emerging in the clinical trial process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>The Hatch-Waxman
Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Orange
Book Listing </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
seeking approval for a drug through an NDA, applicants are required to list with the FDA each patent whose claims cover the applicant&rsquo;s
product candidate. Upon approval of a drug, each of the patents listed in the application for the drug is then published in the
FDA&rsquo;s Approved Drug Product candidates with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs
listed in the Orange Book can, in turn, be cited by potential generic competitors in support of approval of an abbreviated new
drug application, or ANDA. An ANDA provides for marketing of a drug product candidate that has the same active ingredients in
the same strengths and dosage form as the listed drug and has been shown through bioequivalence testing to be therapeutically
equivalent to the listed drug. Other than the requirement for bioequivalence testing, ANDA applicants are not required to conduct,
or submit results of, pre-clinical or clinical tests to prove the safety or effectiveness of their drug product candidate. Drugs
approved in this way are commonly referred to as &ldquo;generic equivalents&rdquo; to the listed drug, and can often be substituted
by pharmacists under prescriptions written for the original listed drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
ANDA applicant is required to certify to the FDA concerning any patents listed for the approved product candidate in the FDA&rsquo;s
Orange Book. Specifically, the applicant must certify that: (i)&nbsp;the required patent information has not been filed; (ii)&nbsp;the
listed patent has expired; (iii)&nbsp;the listed patent has not expired, but will expire on a particular date and approval is
sought after patent expiration; or (iv)&nbsp;the listed patent is invalid or will not be infringed by the new product candidate.
The ANDA applicant may also elect to submit a section&nbsp;viii statement, certifying that its proposed ANDA label does not contain
(or carves out) any language regarding the patented method-of- use, rather than certify to a listed method-of-use patent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
the applicant does not challenge the listed patents, the ANDA application will not be approved until all the listed patents claiming
the referenced product candidate have expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
certification that the new product candidate will not infringe the already approved product candidate&rsquo;s listed patents,
or that such patents are invalid, is called a Paragraph&nbsp;IV certification. If the ANDA applicant has provided a Paragraph&nbsp;IV
certification to the FDA, the applicant must also send notice of the Paragraph&nbsp;IV certification to the NDA and patent holders
once the ANDA has been accepted for filing by the FDA. The NDA and patent holders may then initiate a patent infringement lawsuit
in response to the notice of the Paragraph&nbsp;IV certification. The filing of a patent infringement lawsuit within 45&nbsp;days
of the receipt of a Paragraph&nbsp;IV certification automatically prevents the FDA from approving the ANDA until the earlier of
30&nbsp;months, expiration of the patent, settlement of the lawsuit, or a decision in the infringement case that is favorable
to the ANDA applicant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
ANDA application also will not be approved until any applicable non- patent exclusivity listed in the Orange Book for the referenced
product candidate has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
the Orange Book, among others, lists patents that are purported to protect each drug, patent listings and use codes are provided
by the drug application owner, and the FDA is obliged to list them. In order for a generic drug manufacturer to win approval of
a drug under the Hatch-Waxman Act, the generic manufacturer must certify that they will not launch its generic product until after
the expiration of the Orange Book-listed patent, or that the patent is invalid, unenforceable, or that the generic product will
not infringe the listed patent. Although our product candidates are based on repurposed drugs, there are at present no patents
or other exclusivities listed in the Orange Book pertaining to a product containing the active ingredient dronabinol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Exclusivity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Upon
NDA approval of a new chemical entity, or NCE, which is a drug that contains no active moiety that has been approved by the FDA
in any other NDA, that drug receives five years of marketing exclusivity during which time the FDA cannot receive any ANDA seeking
approval of a generic version of that drug. Certain changes to a drug, such as the addition of a new indication to the package
insert, are associated with a three-year period of exclusivity during which the FDA cannot approve an ANDA for a generic drug
that includes the change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">An
ANDA may be submitted one year before NCE exclusivity expires if a Paragraph&nbsp;IV certification is filed. If there is no listed
patent in the Orange Book, there may not be a Paragraph&nbsp;IV certification and thus no ANDA may be filed before the expiration
of the exclusivity period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
a botanical drug, FDA may determine that the active moiety is one or more of the principle components or the complex mixture as
a whole. This determination would affect the utility of any 5-year exclusivity as well as the ability of any potential generic
competitor to demonstrate that it is the same drug as the original botanical drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Patent
Term Extension</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">After
NDA approval, owners of relevant drug patents may apply for up to a five-year patent extension. The allowable patent term extension
is calculated as half of the drug&rsquo;s testing phase&mdash;the time between IND submission and NDA submission&mdash;and all
of the review phase&mdash;the time between NDA submission and approval up to a maximum of five years. The time can be shortened
if FDA determines that the applicant did not pursue approval with due diligence. The total patent term after the extension may
not exceed 14&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
patents that might expire during the application phase, the patent owner may request an interim patent extension. An interim patent
extension increases the patent term by one year and may be renewed up to four times. For each interim patent extension granted,
the post-approval patent extension is reduced by one year. The director of the PTO must determine that approval of the drug covered
by the patent for which a patent extension is being sought is likely. Interim patent extensions are not available for a drug for
which an NDA has not been submitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Advertising and Promotion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Once
an NDA is approved, a product candidate will be subject to certain post-approval requirements. For instance, FDA closely regulates
the post-approval marketing and promotion of drugs, including standards and regulations for direct-to-consumer advertising, off-label
promotion, industry-sponsored scientific and educational activities and promotional activities involving the internet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Drugs
may be marketed only for the approved indications and in accordance with the provisions of the approved labeling. Changes to some
of the conditions established in an approved application, including changes in indications, labeling, or manufacturing processes
or facilities, require submission and FDA approval of a new NDA or NDA supplement before the change can be implemented. An NDA
supplement for a new indication typically requires clinical data similar to that in the original application, and the FDA uses
the same procedures and actions in reviewing NDA supplements as it does in reviewing NDAs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Adverse Event
Reporting and GMP Compliance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Adverse
event reporting and submission of periodic reports is required following FDA approval of an NDA. The FDA also may require post-marketing
testing, known as Phase&nbsp;4 testing, REMS and surveillance to monitor the effects of an approved product candidate, or the
FDA may place conditions on an approval that could restrict the distribution or use of the product candidate. In addition, quality-control,
drug manufacture, packaging, and labeling procedures must continue to conform cGMPs after approval. Drug manufacturers and certain
of their subcontractors are required to register their establishments with FDA and certain state agencies. Registration with the
FDA subjects entities to periodic unannounced inspections by the FDA, during which the agency inspects manufacturing facilities
to assess compliance with cGMPs. Accordingly, manufacturers must continue to expend time, money and effort in the areas of production
and quality control to maintain compliance with cGMPs. Regulatory authorities may withdraw product candidate approvals or request
product candidate recalls if a company fails to comply with regulatory standards, if it encounters problems following initial
marketing or if previously unrecognized problems are subsequently discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Pediatric Exclusivity
and Pediatric Use</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Best Pharmaceuticals for Children Act, or BPCA, provides NDA holders a six-month extension of any exclusivity&mdash;patent or
non-patent&mdash;for a drug if certain conditions are met. Conditions for exclusivity include a determination by the FDA that
information relating to the use of a new drug in the pediatric population may produce health benefits in that population; a written
request by the FDA for pediatric studies; and agreement by the applicant to perform the requested studies and the submission to
the FDA, and the acceptance by the FDA, of the reports of the requested studies within the statutory timeframe. Applications under
the BPCA are treated as priority applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, under the Pediatric Research Equity Act, or PREA, NDAs or supplements to NDAs must contain data to assess the safety
and effectiveness of the drug for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration
for each pediatric subpopulation for which the drug is safe and effective, unless the sponsor has received a deferral or waiver
from the FDA. Unless otherwise required by regulation, PREA does not apply to any drug for an indication for which orphan designation
has been granted. The required pediatric assessment must assess the safety and effectiveness of the product candidate for the
claimed indications in all relevant pediatric subpopulations and support dosing and administration for each pediatric subpopulation
for which the product candidate is safe and effective. The sponsor or FDA may request a deferral of pediatric studies for some
or all of the pediatric subpopulations. A deferral may be granted for several reasons, including a finding that the drug is ready
for approval for use in adults before pediatric studies are complete or that additional safety or effectiveness data need to be
collected before the pediatric studies begin. Under PREA, the FDA must send a non-compliance letter requesting a response with
45&nbsp;days to any sponsor that fails to submit the required assessment, keep a deferral current or fails to submit a request
for approval of a pediatric formulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Orphan Drugs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Orphan Drug Act, the FDA may grant orphan drug designation to drugs intended to treat a rare disease or condition&mdash;generally
a disease or condition that affects fewer than 200,000 individuals in the United States. Orphan drug designation must be requested
before submitting an NDA. After the FDA grants orphan drug designation, the generic identity of the drug and its potential orphan
use are disclosed publicly by the FDA. Orphan drug designation does not convey any advantage in, or shorten the duration of, the
regulatory review and approval process. The first NDA applicant to receive FDA approval for a particular active ingredient to
treat a particular disease with FDA orphan drug designation is entitled to a seven-year exclusive marketing period in the United
States for that product candidate, for that indication. During the seven-year exclusivity period, the FDA may not approve any
other applications to market the same drug for the same disease, except in limited circumstances, such as a showing of clinical
superiority to the product candidate with orphan drug exclusivity. Orphan drug exclusivity does not prevent the FDA from approving
a different drug for the same disease or condition, or the same drug for a different disease or condition. Among the other benefits
of orphan drug designation are tax credits for certain research and a waiver of the NDA application user fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Special Protocol Assessment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
company may reach an agreement with the FDA under the Special Protocol Assessment, or SPA, process as to the required design and
size of clinical trials intended to form the primary basis of an efficacy claim. According to its performance goals, the FDA is
supposed to evaluate the protocol within 45&nbsp;days of the request to assess whether the proposed trial is adequate, and that
evaluation may result in discussions and a request for additional information. An SPA request must be made before the proposed
trial begins, and all open issues must be resolved before the trial begins. If a written agreement is reached, it will be documented
and made part of the administrative record. Under the FDC Act and FDA guidance implementing the statutory requirement, an SPA
is generally binding upon the FDA except in limited circumstances, such as if the FDA identifies a substantial scientific issue
essential to determining safety or efficacy after the study begins, public health concerns emerge that were unrecognized at the
time of the protocol assessment, the sponsor and FDA agree to the change in writing, or if the study sponsor fails to follow the
protocol that was agreed upon with the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Controlled Substances</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Dronabinol,
the active ingredient in our product candidates is a Schedule I controlled substance. The CSA and its implementing regulations
establish a &ldquo;closed system&rdquo; of regulations for controlled substances. The CSA imposes registration, security, recordkeeping
and reporting, storage, manufacturing, distribution, importation and other requirements under the oversight of the U.S. DEA. The
DEA is the federal agency responsible for regulating controlled substances, and requires those individuals or entities that manufacture,
import, export, distribute, research, or dispense controlled substances to comply with the regulatory requirements in order to
prevent the diversion of controlled substances to illicit channels of commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The DEA categorizes
controlled substances into one of five schedules&mdash;Schedule&nbsp;I, II, III, IV or V&mdash;with varying qualifications for
listing in each schedule. Schedule&nbsp;I substances by definition have a high potential for abuse, have no currently accepted
medical use in treatment in the United States and lack accepted safety for use under medical supervision. They may be used only
in federally approved research programs and may not be marketed or sold for dispensing to patients in the United States. Pharmaceutical
product candidates having a currently accepted medical use that are otherwise approved for marketing may be listed as Schedule&nbsp;II,
III, IV or V substances, with Schedule&nbsp;II substances presenting the highest potential for abuse and physical or psychological
dependence, and Schedule&nbsp;V substances presenting the lowest relative potential for abuse and dependence. The regulatory requirements
are more restrictive for Schedule&nbsp;II substances than Schedule&nbsp;III substances. For example, all Schedule&nbsp;II drug
prescriptions must be signed by a physician, physically presented to a pharmacist in most situations and cannot be refilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Following
NDA approval of a drug containing a Schedule I controlled substance, that substance must be rescheduled as a Schedule&nbsp;II,
III, IV or V substance before it can be marketed. On November 17, 2015, H.R. 639, Improving Regulatory Transparency for New Medical
Therapies Act, passed through both houses of Congress. On November 25, 2015 the Bill was signed into law. The new law removes
uncertainty associated with timing of the DEA rescheduling process after NDA approval. Specifically, it requires DEA to issue
an &ldquo;interim final rule,&rdquo; pursuant to which a manufacturer may market its product candidate within 90 days of FDA approval.
The new law also preserves the period of orphan marketing exclusivity for the full seven years such that this period only begins
after DEA scheduling. This contrasts with the previous situation whereby the orphan &ldquo;clock&rdquo; began to tick upon FDA
approval, even though the product candidate could not be marketed until DEA scheduling was complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Facilities
that manufacture, distribute, import or export any controlled substance must register annually with the DEA. The DEA registration
is specific to the particular location, activity(ies) and controlled substance schedule(s). For example, separate registrations
are required for importation and manufacturing activities, and each registration authorizes which schedules of controlled substances
the registrant may handle. However, certain coincident activities are permitted without obtaining a separate DEA registration,
such as distribution of controlled substances by the manufacturer that produces them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
DEA inspects all manufacturing facilities to review security, recordkeeping, reporting and handling prior to issuing a controlled
substance registration. The specific security requirements vary by the type of business activity and the schedule and quantity
of controlled substances handled. The most stringent requirements apply to manufacturers of Schedule&nbsp;I and Schedule&nbsp;II
substances. Required security measures commonly include background checks on employees and physical control of controlled substances
through storage in approved vaults, safes and cages, and through use of alarm systems and surveillance cameras. An application
for a manufacturing registration as a bulk manufacturer (not a dosage form manufacturer or a repacker/relabeler) for a Schedule&nbsp;I
or II substance must be published in the Federal Register, and is open for 30&nbsp;days to permit interested persons to submit
comments, objections or requests for a hearing. A copy of the notice of the Federal Register publication is forwarded by DEA to
all those registered, or applicants for registration, as bulk manufacturers of that substance. Once registered, manufacturing
facilities must maintain records documenting the manufacture, receipt and distribution of all controlled substances. Manufacturers
must submit periodic reports to the DEA of the distribution of Schedule&nbsp;I and II controlled substances, Schedule&nbsp;III
narcotic substances, and other designated substances. Registrants must also report any controlled substance thefts or significant
losses, and must obtain authorization to destroy or dispose of controlled substances. As with applications for registration as
a bulk manufacturer, an application for an importer registration for a Schedule&nbsp;I or II substance must also be published
in the Federal Register, which remains open for 30&nbsp;days for comments. Imports of Schedule&nbsp;I and II controlled substances
for commercial purposes are generally restricted to substances not already available from domestic supplier or where there is
not adequate competition among domestic suppliers. In addition to an importer or exporter registration, importers and exporters
must obtain a permit for every import or export of a Schedule&nbsp;I and II substance or Schedule&nbsp;III, IV and V narcotic,
and submit import or export declarations for Schedule&nbsp;III, IV and V non-narcotics. In some cases, Schedule&nbsp;III non-narcotic
substances may be subject to the import/export permit requirement, if necessary to ensure that the United States complies with
its obligations under international drug control treaties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
drugs manufactured in the United States, the DEA establishes annually an aggregate quota for the amount of substances within Schedules&nbsp;I
and II that may be manufactured or produced in the United States based on the DEA&rsquo;s estimate of the quantity needed to meet
legitimate medical, scientific, research and industrial needs. This limited aggregate amount of cannabis that the DEA allows to
be produced in the United States each year is allocated among individual companies, which, in turn, must annually apply to the
DEA for individual manufacturing and procurement quotas. The quotas apply equally to the manufacturing of the active pharmaceutical
ingredient and production of dosage forms. The DEA may adjust aggregate production quotas a few times per year, and individual
manufacturing or procurement quotas from time to time during the year, although the DEA has substantial discretion in whether
or not to make such adjustments for individual companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
states also maintain separate controlled substance laws and regulations, including licensing, recordkeeping, security, distribution,
and dispensing requirements. State Authorities, including Boards of Pharmacy, regulate use of controlled substances in each state.
Failure to maintain compliance with applicable requirements, particularly as manifested in the loss or diversion of controlled
substances, can result in enforcement action that could have a material adverse effect on our business, operations and financial
condition. The DEA may seek civil penalties, refuse to renew necessary registrations, or initiate proceedings to revoke those
registrations. In certain circumstances, violations could lead to criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Europe/Rest of World Government Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition to regulations in the United States, we are and will be subject, either directly or through our distribution partners,
to a variety of regulations in other jurisdictions governing, among other things, clinical trials and any commercial sales and
distribution of our product candidates, if approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Whether
or not we obtain FDA approval for a product candidate, we must obtain the requisite approvals from regulatory authorities in non-U.S.
countries prior to the commencement of clinical trials or marketing of the product candidate in those countries. Certain countries
outside of the United States have a process that requires the submission of a clinical trial application much like an IND prior
to the commencement of human clinical trials. In Europe, for example, a clinical trial application, or CTA, must be submitted
to the competent national health authority and to independent ethics committees in each country in which a company intends to
conduct clinical trials. Once the CTA is approved in accordance with a country&rsquo;s requirements, clinical trial development
may proceed in that country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
requirements and process governing the conduct of clinical trials, product candidate licensing, pricing and reimbursement vary
from country to country, even though there is already some degree of legal harmonization in the European Union member states resulting
from the national implementation of underlying E.U. legislation. In all cases, the clinical trials are conducted in accordance
with GCP and other applicable regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">To
obtain regulatory approval of an investigational drug under E.U. regulatory systems, we must submit a marketing authorization
application. This application is similar to the NDA in the United States, with the exception of, among other things, country-specific
document requirements. Drugs can be authorized in the European Union by using (i)&nbsp;the centralized authorization procedure,
(ii)&nbsp;the mutual recognition procedure, (iii)&nbsp;the decentralized procedure or (iv)&nbsp;national authorization procedures.
The initial Sativex approvals were a consequence of an application under the De-Centralized Procedure, or DCP, to the E.U. member
states of the United Kingdom and Spain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
EMA implemented the centralized procedure for the approval of human drugs to facilitate marketing authorizations that are valid
throughout the European Union. This procedure results in a single marketing authorization granted by the European Commission that
is valid across the European Union, as well as in Iceland, Liechtenstein and Norway. The centralized procedure is compulsory for
human drugs that are: (i)&nbsp;derived from biotechnology processes, such as genetic engineering, (ii)&nbsp;contain a new active
substance indicated for the treatment of certain diseases, such as HIV/AIDS, cancer, diabetes, neurodegenerative diseases, autoimmune
and other immune dysfunctions and viral diseases, (iii)&nbsp;officially designated &ldquo;orphan drugs&rdquo; (drugs used for
rare human diseases) and (iv)&nbsp;advanced-therapy medicines, such as gene- therapy, somatic cell-therapy or tissue-engineered
medicines. The centralized procedure may at the request of the applicant also be used for human drugs which do not fall within
the above mentioned categories if the human drug (a)&nbsp;contains a new active substance which, on the date of entry into force
of this Regulation, was not authorized in the Community; or (b)&nbsp;the applicant shows that the medicinal product candidate
constitutes a significant therapeutic, scientific or technical innovation or that the granting of authorization in the centralized
procedure is in the interests of patients or animal health at the European Community level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the centralized procedure in the European Union, the maximum timeframe for the evaluation of a marketing authorization application
by the EMA is 210&nbsp;days (excluding clock stops, when additional written or oral information is to be provided by the applicant
in response to questions asked by the Committee for Medicinal Product candidates for Human Use, or CHMP), with adoption of the
actual marketing authorization by the European Commission thereafter. Accelerated evaluation might be granted by the CHMP in exceptional
cases, when a medicinal product candidate is expected to be of a major public health interest from the point of view of therapeutic
innovation, defined by three cumulative criteria: the seriousness of the disease to be treated; the absence of an appropriate
alternative therapeutic approach, and anticipation of exceptional high therapeutic benefit. In this circumstance, EMA ensures
that the evaluation for the opinion of the CHMP is completed within 150&nbsp;days and the opinion issued thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
mutual recognition procedure, or MRP, for the approval of human drugs is an alternative approach to facilitate individual national
marketing authorizations within the European Union. Basically, the MRP may be applied for all human drugs for which the centralized
procedure is not obligatory. The MRP is applicable to the majority of conventional medicinal product candidates, and is based
on the principle of recognition of an already existing national marketing authorization by one or more member states. Since the
first approvals for Sativex were national approvals in the United Kingdom and Spain (following a DCP), the only route open to
us for additional marketing authorizations in the European Union was the MRP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
characteristic of the MRP is that the procedure builds on an already&#8210;existing marketing authorization in a member state
of the E.U. that is used as a reference in order to obtain marketing authorizations in other E.U. member states. In the MRP, a
marketing authorization for a drug already exists in one or more member states of the E.U. and subsequently marketing authorization
applications are made in other European Union member states by referring to the initial marketing authorization. The member state
in which the marketing authorization was first granted will then act as the reference member state. The member states where the
marketing authorization is subsequently applied for act as concerned member states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
MRP is based on the principle of the mutual recognition by European Union member states of their respective national marketing
authorizations. Based on a marketing authorization in the reference member state, the applicant may apply for marketing authorizations
in other member states. In such case, the reference member state shall update its existing assessment report about the drug in
90&nbsp;days. After the assessment is completed, copies of the report are sent to all member states, together with the approved
summary of product candidate characteristics, labeling and package leaflet. The concerned member states then have 90&nbsp;days
to recognize the decision of the reference member state and the summary of product candidate characteristics, labeling and package
leaflet. National marketing authorizations shall be granted within 30&nbsp;days after acknowledgement of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Should
any Member State refuse to recognize the marketing authorization by the reference member state, on the grounds of potential serious
risk to public health, the issue will be referred to a coordination group. Within a timeframe of 60&nbsp;days, member states shall,
within the coordination group, make all efforts to reach a consensus. If this fails, the procedure is submitted to an EMA scientific
committee for arbitration. The opinion of this EMA Committee is then forwarded to the Commission, for the start of the decision
making process. As in the centralized procedure, this process entails consulting various European Commission Directorates General
and the Standing Committee on Human Medicinal Product candidates or Veterinary Medicinal Product candidates, as appropriate. Since
the initial approvals of Sativex in the United Kingdom and Spain, there have been three &ldquo;waves&rdquo; of additional approvals
under three separate MRPs. Each of these procedures have been completed without any referral, and therefore without any delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
other countries outside of the European Union, such as countries in Eastern Europe, Latin America or Asia, the requirements governing
the conduct of clinical trials, product candidate licensing, pricing and reimbursement vary from country to country. In all cases,
again, the clinical trials are conducted in accordance with GCP and the other applicable regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
we fail to comply with applicable foreign regulatory requirements, we may be subject to, among other things, fines, suspension
of clinical trials, suspension or withdrawal of regulatory approvals, product candidate recalls, seizure of product candidates,
operating restrictions and criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, most countries are parties to the Single Convention on Narcotic Drugs 1961, which governs international trade and domestic
control of narcotic substances, including cannabis extracts. Countries may interpret and implement their treaty obligations in
a way that creates a legal obstacle to our obtaining marketing approval for Sativex and our other product candidates in those
countries. These countries may not be willing or able to amend or otherwise modify their laws and regulations to permit Sativex
or our other product candidates to be marketed, or achieving such amendments to the laws and regulations may take a prolonged
period of time. In that case, we would be unable to market our product candidates in those countries in the near future or perhaps
at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 14.2pt"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Sales
of pharmaceutical product candidates in the United States will depend, in part, on the extent to which the costs of the product
candidates will be covered by third-party payers, such as government health programs, commercial insurance and managed health
care organizations. These third-party payers are increasingly challenging the prices charged for medical product candidates
and services. Additionally, the containment of health care costs has become a priority of federal and state governments, and the
prices of drugs have been a focus in this effort. The United States government, state legislatures and foreign governments have
shown significant interest in implementing cost-containment programs, including price controls, restrictions on reimbursement
and requirements for substitution of generic product candidates. Adoption of price controls and cost-containment measures, and
adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit our net revenue
and results. If these third-party payers do not consider our product candidates to be cost-effective compared to other available
therapies, they may not cover our product candidates after approval as a benefit under their plans or, if they do, the level of
payment may not be sufficient to allow us to sell our product candidates on a profitable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, imposed new requirements for the distribution
and pricing of prescription drugs for Medicare beneficiaries and included a major expansion of the prescription drug benefit under
Medicare Part&nbsp;D. Under Part&nbsp;D, Medicare beneficiaries may enroll in prescription drug plans offered by private entities
which will provide coverage of outpatient prescription drugs. Part&nbsp;D plans include both stand-alone prescription drug benefit
plans and prescription drug coverage as a supplement to Medicare Advantage plans. Unlike Medicare Part&nbsp;A and B, Part&nbsp;D
coverage is not standardized. Part&nbsp;D prescription drug plan sponsors are not required to pay for all covered Part&nbsp;D
drugs, and each drug plan can develop its own drug formulary that identifies which drugs it will cover and at what tier or level.
However, Part&nbsp;D prescription drug formularies must include drugs within each therapeutic category and class of covered Part&nbsp;D
drugs, though not necessarily all the drugs in each category or class. Any formulary used by a Part&nbsp;D prescription drug plan
must be developed and reviewed by a pharmacy and therapeutic committee. Government payment for some of the costs of prescription
drugs may increase demand for product candidates for which we receive marketing approval. However, any negotiated prices for our
product candidates covered by a Part&nbsp;D prescription drug plan will likely be lower than the prices we might otherwise obtain.
Moreover, while the MMA applies only to drug benefits for Medicare beneficiaries, private payers often follow Medicare coverage
policy and payment limitations in setting their own payment rates. Any reduction in payment that results from the MMA may result
in a similar reduction in payments from non-governmental payers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
February&nbsp;17, 2009, President Obama signed into law The American Recovery and Reinvestment Act of 2009. This law provides
funding for the federal government to compare the effectiveness of different treatments for the same illness. A plan for the research
will be developed by the Department of Health and Human Services, the Agency for Healthcare Research and Quality and the National
Institutes for Health, and periodic reports on the status of the research and related expenditures will be made to Congress. Although
the results of the comparative effectiveness studies are not intended to mandate coverage policies for public or private payers,
it is not clear how such a result could be avoided and what if any effect the research will have on the sales of our product candidates,
if any such product candidate or the condition that it is intended to treat is the subject of a study. It is also possible that
comparative effectiveness research demonstrating benefits in a competitor&rsquo;s product candidate could adversely affect the
sales of our product candidates. Decreases in third-party reimbursement for our product candidates or a decision by a third-party
payer to not cover our product candidates could reduce physician usage of the product candidate and have a material adverse effect
on our sales, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Affordable Care Act is expected to continue to have a significant impact on the health care industry. With regard to pharmaceutical
product candidates, among other things, the Affordable Care Act may expand and increase industry rebates for drugs covered under
Medicaid programs and make changes to the coverage requirements under the Medicare&nbsp;D program. Since the enactment of the
Affordable Care Act, numerous regulations have been issued providing further guidance on its requirements. The Affordable Care
Act continues to be implemented through regulation and government activity but is subject to possible amendment, additional implementing
regulations and interpretive guidelines. Several states have decided not to expand their Medicaid programs and are seeking alternative
reimbursement models to provide care to the uninsured. The manner in which these issues are resolved could materially affect the
extent to which and the amount at which pharmaceuticals are reimbursed by government programs such as Medicare, Medicaid and Tricare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The
requirements governing drug pricing vary widely from country to country. For example, the European Union provides options for
its member states to restrict the range of medicinal product candidates for which their national health insurance systems provide
reimbursement and to control the prices of medicinal product candidates for human use. A member state may approve a specific price
for the medicinal product candidate or it may instead adopt a system of direct or indirect controls on the profitability of our
Company placing the medicinal product candidate on the market. There can be no assurance that any country that has price controls
or reimbursement limitations for pharmaceutical product candidates will allow favorable reimbursement and pricing arrangements
for any of our product candidates. Historically, product candidates launched in the European Union do not follow price structures
of the United States and generally tend to be significantly lower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Other Health Care Laws and Compliance Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
the United States, our activities are potentially subject to regulation by various federal, state and local authorities in addition
to the FDA, including the Centers for Medicare and Medicaid Services (formerly the Health Care Financing Administration), or CMS,
other divisions of the U.S. Department of Health and Human Services (e.g.,&nbsp;the Office of Inspector General), the U.S. Department
of Justice and individual U.S. Attorney offices within the Department of Justice, and state and local governments. For example,
sales, marketing and scientific/educational grant programs must comply with the anti-fraud and abuse provisions of the Social
Security Act, the False Claims Act, the privacy provisions of the Health Insurance Portability and Accountability Act, or HIPAA,
and similar state laws, each as amended. Pricing and rebate programs must comply with the Medicaid rebate requirements of the
Omnibus Budget Reconciliation Act of 1990 and the Veterans Health Care Act of 1992, or VHCA, each as amended. If product candidates
are made available to authorized users of the Federal Supply Schedule of the General Services Administration, additional laws
and requirements apply. Under the VHCA, drug companies are required to offer certain drugs at a reduced price to a number of federal
agencies including the U.S. Department of Veteran Affairs and U.S. Department of Defense, the Public Health Service and certain
private Public Health Service&#8210;designated entities in order to participate in other federal funding programs including Medicare
and Medicaid. Recent legislative changes purport to require that discounted prices be offered for certain U.S. Department of Defense
purchases for its TRICARE program via a rebate system. Participation under the VHCA requires submission of pricing data and calculation
of discounts and rebates pursuant to complex statutory formulas, as well as the entry into government procurement contracts governed
by the Federal Acquisition Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
order to distribute product candidates commercially, we must comply with state laws that require the registration of manufacturers
and wholesale distributors of pharmaceutical product candidates in a state, including, in certain states, manufacturers and distributors
who ship product candidates into the state, even if such manufacturers or distributors have no place of business within the state.
Some states also impose requirements on manufacturers and distributors to establish the pedigree of product candidate in the chain
of distribution, including some states that require manufacturers and others to adopt new technology capable of tracking and tracing
product candidate as it moves through the distribution chain. Several states have enacted legislation requiring pharmaceutical
companies to establish marketing compliance programs, file periodic reports with the state, make periodic public disclosures on
sales, marketing, pricing, clinical trials and other activities or register their sales representatives. Other legislation has
been enacted in certain states prohibiting pharmacies and other health care entities from providing certain physician prescribing
data to pharmaceutical companies for use in sales and marketing, and prohibiting certain other sales and marketing practices.
All of our activities are potentially subject to federal and state consumer protection and unfair competition laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Expanded Access to Investigational Drugs
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">An
investigational drug may be eligible for clinical use outside the context of a manufacturer&rsquo;s clinical trial of the drug.
&ldquo;Expanded access&rdquo; refers to the use of an investigational drug where the primary purpose is to diagnose, monitor,
or treat a patient&rsquo;s disease or condition rather than to collect information about the safety or effectiveness of a drug.
Expanded access INDs are typically sponsored by individual physicians to treat patients who fall into one of three FDA-recognized
categories of expanded access: expanded access for individual patients, including for emergency use; expanded access for intermediate-size
patient populations; and expanded access for large patient populations under a treatment IND or treatment protocol. For all types
of expanded access, FDA must determine prior to authorizing expanded access that: (1) the patient or patients to be treated have
a serious or life threatening disease or condition and there is no comparable or satisfactory alternative therapy; (2) the potential
patient benefit justifies the potential risks of use and that the potential risks are not unreasonable in the context of the disease
or condition to be treated; and (3) granting the expanded access will not interfere with the initiation, conduct, or completion
of clinical studies in support of the drug&rsquo;s approval. In addition, the sponsor of an expanded access IND must submit IND
safety reports and, in the cases of protocols continuing for one year or longer, annual reports to the FDA. Expanded access programs
are not intended to yield information relevant to evaluating a drug&rsquo;s effectiveness for regulatory purposes. If a patient
enrolled in one of our clinical trials is not eligible or able to continue enrollment, we may be required to continue to provide
our product candidate to such patient through expanded access.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Grants from the INATI </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
research and development efforts mainly with respect to our past activities (for example, with respect to immunotherapy programs
such as the BBS Technology and program and the Anti-CD3 program) were financed in part through royalty-bearing grants from the
INATI. As of December 31, 2015, we have received the aggregate amount of approximately $4.1 million from the INATI for the development
of these programs, which have since been out-licensed. With respect to such grants we are committed to pay certain royalties up
to the total grant amount. Regardless of any royalty payment, we are further required to comply with the requirements of the Research
Law, with respect to those past grants. When a company develops know-how, technology or products using INATI grants, the terms
of these grants and the Research Law restrict the transfer of such know-how, and the transfer of manufacturing or manufacturing
rights of such products, technologies or know-how outside of Israel, without the prior approval of the INATI. We do not believe
that these requirements will materially restrict us in any way. None of our current projects in the field of cannabinoid therapeutics
are supported by the INATI, yet if eligible, we might apply for such support in the future. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Organizational Structure</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
June 2016, we entered into a share transfer agreement with our former subsidiary, Orimmune, and Karma Link, according to which
we sold our holdings in Orimmune to Karma Link. The agreement was completed in August 2016, following which we no longer hold
any shares in Orimmune, and the transfer to Orimmune of certain intellectual property assets related to this agreement is still
pending the necessary permits and approvals. To date, INATI has declined our request for a joint ownership registration with Hadasit
of the patent underlying the assets, according to the license agreement with Hadasit due to INATI's claim that such registration
is not in compliance with the INATI rules regarding use of its grants. We are currently negotiating the issues with INATI in order
to facilitate the transfer. See also &ldquo;<I>Business &ndash; Intellectual Property &ndash; Out-licensing of intellectual property
assets</I>.&rdquo; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">In addition, we own
approximately 27% of&nbsp;Lara Pharm Ltd., or Lara Pharm, a private company engaged in the field of medical cannabis and developing
a formulation based on synthetic cannabinoids, for the provision through an inhaler.&nbsp; The founder of Lara Pharm holds a call
option exercisable until May 22, 2017 to purchase all of our remaining holdings in Lara Pharm for $500,000.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Property and Facilities
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
offices are located at 5 Azrieli Center (Square Tower), Tel Aviv, Israel, where we currently occupy approximately 1076 square
feet. We lease our facilities and our lease ends on June 30, 2017. Our monthly rent payment as of October 1, 2016 was NIS 18,700
(approximately $5,000).&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
consider that our current office space is sufficient to meet our anticipated needs for the foreseeable future and is suitable
for the conduct of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Employees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> As of September 30,
2016, we have five members of senior management (including our chairman), of which two are full-time employees, and three are
service providers providing their services on a part-time basis. In addition, we have three other full-time employees, all located
in Israel. None of our employees is represented by labor unions or covered by collective bargaining agreements. We believe that
we maintain good relations with all of our employees. However, in Israel, we are subject to certain Israeli labor laws, regulations
and national labor court precedent rulings, as well as certain provisions of collective bargaining agreements applicable to us
by virtue of extension orders issued in accordance with relevant labor laws by the Israeli Ministry of Economy and which apply
such agreement provisions to our employees even though they are not part of a union that has signed a collective bargaining agreement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">All of our employment
and consulting agreements include employees&rsquo; and consultants&rsquo; undertakings with respect to non-competition and assignment
to us of intellectual property rights developed in the course of employment and confidentiality. The enforceability of such provisions
is limited by Israeli law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Legal Proceedings
</B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> The ISA previously
notified us that it was conducting an administrative inquiry relating to our reports (quality and scope of disclosure) to the
ISA and the TASE with respect to the termination of a license agreement we had with Ramot for certain technology covering our
previous BBS Technology and program, which was terminated in the beginning of 2014. On August 18, 2016, the Department of Administrative
Enforcement of the ISA filed an administrative letter of claims against us, our Chairman, and certain of our former officers.
The letter of claims alleges that we and the named respondents carried out several violations of the Securities Law regarding
our reports. The alleged breaches include (i) the inclusion of misleading details in a shelf offering report and annual report
in relation to our license agreement with Ramot covering our previous BBS Technology and program; (ii) failure to submit an immediate
report about a material event (the license agreement termination) in a timely and lawful manner; (iii) inclusion of a misleading
detail in an immediate report; and (iv) misleading the ISA in connection with such actions. We are currently examining the letter
of claims. A date for the hearing has yet to be set. We plan to hold a discussion with the ISA prior to any hearing, and to further
file a formal defense. If we do not prevail, we might be subject to monetary sanctions (of up to NIS 5 million), and additional
administrative sanctions&nbsp;may be levied upon our Chairman and certain former officers such as personal monetary sanctions,
prohibition on serving as an officer or director in a public company, and compensation to investors damaged by the violation.
We may be subject to a derivative or class action as a result of the findings in such proceedings.
We cannot currently predict the outcome of this matter. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> On
February 3, 2016, we received a notice of opposition filed anonymously with the European Patent Office, in connection with a divisional
European application for a patent relating to our Anti-CD3 technology, which we are currently in the process of out-licensing
in connection with a sale of our former subsidiary, Orimmune, to Karma Link. Additional patents covering this technology in other
territories were not challenged. Karma Link is currently bearing the costs of the proceedings. We do not foresee any material
effect on our business should the opposition succeed, unless Karma Link will refuse to continue to bear the costs of the proceedings.
In such an event, we will need to consider whether to abandon the technology or bear the costs of the proceeding. Furthermore,
we do not believe that the out-license of the technology nor the sale of our holdings in Orimmune will be effected should the
opposition succeed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_012"></A><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><B>Directors</B>&nbsp;<B>and Senior Management</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
following table sets forth information regarding our executive officers, key employees and directors as of September 27, 2016: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Age</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">Position</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dr. Ascher Shmulewitz </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dr. Elran Haber </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Guy Goldin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Doron Ben Ami</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Strategy Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dr. Adi Zuloff-Shani </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Technologies Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Abraham (Avi) Meizler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">64</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Amit Berger <SUP>(1) (2) (3) (4) </SUP></FONT></TD>
    <TD>&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>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dr. Yafit Stark <SUP>(1) (2) (4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Micha Jesselson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Zohar Heiblum <SUP>(1) (2) (3) (4)</SUP> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</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: 0; text-align: left; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Member of the Compensation Committee </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Member of the Audit Committee</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">External Director (as defined under Israeli law)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Director (as defined under Israeli law and Nasdaq Rules)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Dr. Ascher Shmulewitz
</I>has served as our Chairman since January 2014 and on our Board of Directors since February 2013. Dr. Shmulewitz is an inventor,
investor and serial entrepreneur in biomedical technologies. Dr. Shmulewitz has founded and invested in over two dozen life science
companies including NeoVision Corp, Labcoat Medical Ltd. Arteria Corp, Circulation Inc. and X-Cardia Inc., and has led multiple
of these companies to successful exits, including through merger and acquisition transactions with large medical device companies.
Dr. Shmulewitz has vast experience in the venture capital arena as an investor, manager and entrepreneur in dozens of companies
and ventures. In 1995, Dr. Shmulewitz co-founded San Francisco Science and the Incumed Group, companies that provide seed funding,
and is the founder of Medgenesis Partners Ltd., an Israeli private investment firm and incubator that has invested in over a dozen
ventures. Dr. Shmulewitz previously held senior executive positions at Advanced Technology Laboratories Inc. (from 1988 to 1992).
Dr. Shmulewitz received an M.D. degree from The Technion Medical School and a Ph.D degree in Engineering from Tel Aviv University,
Israel </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Dr. Elran Haber </I>has
served as our Chief Executive Officer since November 2015. Prior to that, and from March 2014, Dr. Haber served as our Vice President
of Business Strategy and Innovation. Dr. Haber served more than 10 years as chairman and board member of several publicly traded
and privately held companies, including Issta Lines Ltd. (TASE: &ldquo;ISTA&rdquo;) from 2007 to 2012, American Express Global
Business Travel &ndash; Israel (Histour-Eltive Ltd.) from 2010 to 2012, and has been a member of various board committees and
has served in senior executive roles in various life science companies. Dr. Haber holds a Ph.D. in Pharmaceutical Science and
an M.B.A. in Finance &amp; Financial Engineering, both from The Hebrew University of Jerusalem, Israel.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Mr. Guy Goldin,
CPA, </I>has served as our Chief Financial Officer since November 2015. Mr. Goldin has over 20 years of experience in a wide variety
of managerial, financial, tax and accounting related positions. Since 2012, Mr. Goldin has served as the chief financial offer
of Biological Signal Processing Ltd. From 2010 until July 2016, Mr. Goldin served as the chief financial officer of Petro-Group
Ltd. Prior to that, Mr. Goldin served as a chief financial officer at Critisence Ltd., and as a CPA at KPMG. Mr. Goldin holds
a B.A. degree (with honors) in Accounting and Economics and an M.B.A. (finance) both from Tel- Aviv University, Israel. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Mr. Doron Ben
Ami </I>has served as our Chief Strategy Officer since December 2015. Mr. Ben Ami is a seasoned executive with more than 20 years
of management experience holding various leadership roles in the multinational pharmaceutical industry. Among Mr. Ben Ami&rsquo;s
previous roles were Associate Vice President of the Eastern Europe and Israel region at Merck (from 2010 to 2015), managing director
of Merck subsidiary in Israel (from 2008 to 2010) and the General Manager of Lundbeck Israel (from 2002 to 2008). Since 2015,
Mr. Ben Ami has served as a Senior Consultant at The Harel Group Inc., a U.S. based business development advisory firm that connects
innovative pharmaceutical companies with strategic partners. Mr. Ben Ami holds a Master of Health Systems Administration degree
(M.H.A.) from Tel Aviv University, Israel. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Dr. Adi Zuloff-Shani
</I>has served as our Chief Technologies Officer since February 2016. Dr. Zuloff-Shani has more than 15 years of experience as
an R&amp;D executive. Prior to joining us, and from 2012 to 2016, Dr. Zuloff-Shani served as a vice president development at Macrocure
Ltd. (NASDAQ: &ldquo;MCUR&rdquo;) where besides leading all research and development activities,&nbsp;she interacted and was involved
with the activities of all departments including clinical, operations, quality assurance, quality control, finance, and regulatory
affairs.&nbsp;Dr. Zuloff-Shani holds a Ph.D in human biology and immunology from Bar- Ilan University, Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Mr. Avi Meizler </I>has
served on our Board of Directors since February 2013. Mr. Meizler founded Meizler Biopharma SA. in 1990 and served as its president
from 1990 to 2012 when it was merged with the Belgian Pharma multinational UCB SA. From June 2012 to December 2014, Mr. Meizler
served as the chairman of the board and Vice President Business Development of Meizler UCB Biopharma SA. In January 2011, Mr.
Meizler co-founded Advantech Bioscience Pharmaceutical Ltd., and has served as its Chief Executive Officer since that time. In
2002, Mr. Meizler founded ATME Comercio e Servi&ccedil;os Ltda. (ATME Eco Solutions) currently specialized in energy and water
efficiency. Mr. Meizler holds a degree in architecture and an MBA from Funda&ccedil;&atilde;o Getulio Vargas, Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Mr. Amit Berger </I>has
served on our Board of Directors since August 2014. Mr. Berger has significant expertise in financial markets, where he has held
management and board positions for over twenty-five years. Since&nbsp;2009, Mr. Berger has served as the chief executive officer
of Dolphin 1 Investment Ltd. From 2002 to 2004, Mr. Berger served as the chairman of Dash Investments Ltd., and from 2005 to 2009,
as the chairman and a director of Enter Holdings 1 Ltd. Mr. Berger has also served on the boards of Mega Or Holdings Ltd., N.R.
Spuntech Industries Ltd., Itay Financial A.A. Investments Ltd., Ortam-Sahar Engineering Ltd., Hamashbir 365 Ltd. and Polar Investments
Ltd. Mr. Berger holds a B.A. degree in Economics from Tel Aviv University, Israel. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <I>Dr. Yafit Stark
</I>has served on our Board of Directors since June 2015. Since 2006, Dr. Stark has served as Vice President Global Clinical Advisor
at Teva Pharamceutical Ltd. Dr. Stark has established the Global Innovative Clinical Research Infrastructures at Teva and was
responsible for the clinical development of significant products, among them the Copaxone&reg; for Multiple Sclerosis. Dr. Stark
is a pioneer in incorporating innovation and new technologies in clinical development. During her 29 years of work in large pharma,
she has built up expertise in multiple therapeutic areas and different types of medicinal products technologies. Dr. Stark serves
as a director of several biotechnology companies and associations. Dr. Stark holds a Ph.D degree in Pathology from Tel Aviv University
and a Post-Doctorate in Immuno-Histopathology from Tel Aviv University and the Weizmann Institute of Science, Israel. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Mr. Micha Jesselson
</I>has served on our Board of Directors since June 2015. Since 2011, Mr. Jesselson has held various leadership roles in Jesselson
Investments Ltd. Mr. Jesselson oversees the family's broad based investments in the U.S. and Israel. Mr. Jesselson manages Jesselson
Investments Ltd. which is involved in a variety of sectors including venture capital investments, private equity transactions
and real estate development in New York. Mr. Jesselson holds a Bachelor of Business degree from The Interdisciplinary Center (IDC),
Herzliya, Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Mr. Zohar Heiblum
</I>has served on our Board of Directors since August 2013. In 1983, Mr. Heiblum co-founded Tefen IL (Israel) Ltd., a leading
consulting firm in Israel. Since then, Mr. Heiblum has been involved in various companies as an investor, consultant, board member
and active chairman. From 1998 to 2001, Mr. Heiblum served as the a director and chairman of the board at of Orex Computed Radiography
Ltd., which was later sold to Eastern Kodak Company. From 1998 to 2001, Mr. Heiblum served as a director of Biosonix Ltd. which
executed a reverse merger with Neoprobe (today Navidea Biopharmaceutical Inc.) in 2002. From 2002 to 2004, Mr. Heiblum served
as the general manager of the Israeli subsidiary of&nbsp;MobileAccess Networks Inc. (formally Foxcom) which was sold to Corning
Inc. (U.S.A) in 2011. Mr. Heiblum has a B.Sc. degree in Industrial Engineering and an M.B.A., both from Tel Aviv University, Israel.&nbsp;&nbsp;</P>




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">We have a Scientific
Advisory Board of seven researchers in the field(s) of: Psychiatry, TS, neurology, Alzheimer&rsquo;s, psychology and pediatrics,
neurobiology, pharmacology, organic and medicinal chemistry, cannabinoids and drug discovery. We consult with the members of our
Scientific Advisory Board on a regular basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. Raphael Mechoulam</I>&nbsp;is
a Professor Emeritus of the Department of Natural Products of the School of Pharmacy at the Faculty of Medicine of the Hebrew
University of Jerusalem, and a member of the Israel Academy of Sciences and Humanities. Prof. Mechoulam&rsquo;s research in the
field of cannabis has led to his the discovery of the endocannabinoid system. Additionally, Prof. Mechoulam was among the first
to complete the total synthesis of the major plant cannabinoids, THC, cannabidiol, cannabigerol, and others, and also played a
key role in the isolation of the first described endocannabinoid anandamid. Prof. Mechoulam&rsquo;s research interests are in
the chemical and biological activity of natural products and medicinal agents, of which his primary contributions are in the field
of the constituents of cannabis, about which Prof. Mechoulam has published extensively. Prof. Mechoulam has received amongst others,
the Israel Prize in 2000, the European College of Neuropsychopharmacology Lifetime Achievement Award in 2006 and the Rothschild
Prize in 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. James Leckman,
M.D.</I>&nbsp;is the Neison Harris Professor of Child Psychiatry, Psychiatry, Psychology and Pediatrics at Yale University. Prof.
Leckman has served as Director of Research for the Yale Child Study Center for more than twenty years. Prof. Leckman's current
research involves exploring whether the strengthening of families and the enhancement of childhood development leads to peaceful
results and the prevention of violence. Additionally, Prof. Leckman has a longstanding interest in TS and OCD. Prof. Leckman is
the author or co-author of over 430 original articles published in peer-reviewed journals, twelve books, and 140 book chapters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. Michael Davidson</I>&nbsp;currently
serves,&nbsp;among other things, as Chairman of the Stuckinski Centre for Alzheimer&rsquo;s Disease Research in Ramat Gan. Prof.
Davidson is also the editor of&nbsp;European Neuropsychopharmacology. Prof. Davidson served as Chief Psychiatrist at the Department
of Psychiatry of the Sheba Medical Centre in Tel-Hashomer for six years. Prof. Davidson&nbsp;holds a professorship at the Sackler
School of Medicine of Tel Aviv University and<B><I> </I></B>a secondary appointment at the Mount Sinai School of Medicine in New
York. Prof. Davidson is considered an international expert on Alzheimer&rsquo;s and is the author of approximately 300 publications
in scientific literature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. Daniele Piomelli</I>&nbsp;serves
as the Louise Turner Arnold Chair in Neurosciences and Professor of Anatomy and Neurobiology, Pharmacology, and Biological Chemistry
at University of California, Irvine. Prof. Piomelli is also the founding director of the drug discovery and development unit (D3)
at the Italian Institute of Technology in Genoa, Italy, as well as the Editor in Chief of Cannabis and Cannabinoid Research of
Cannabis and Cannabinoid Research. Prof. Piomelli's research has resulted in several contributions to the pharmacology of lipid
based signaling molecules including endocannabinoid substances and lipid amides. Prof. Piomelli is the author of more than 400
peer reviewed articles and books and has received several awards and honors. Prof. Piomelli studied Pharmacology and Neuroscience
at Columbia University, and the Rockefeller University, and earned his degree of Doctor of Pharmacy from University of Naples.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. Kirsten M&uuml;ller-Vahl
</I>is a Professor of Psychiatry at the Department of Psychiatry, Socialpsychiatry and Psychotherapy at the Hannover Medical School
(MHH), Germany. Prof. M&uuml;ller-Vahl specialist in both neurology and adult psychiatry and has worked extensively at a specialized
movement disorder clinic. For six years, Prof. M&uuml;ller-Vahl was a grant-holder for the German Government for scientific research
related to TS. Over the past eighteen years, Dr. M&uuml;ller-Vahl has investigated more than 12000 patients with TS, both children
and adults, and has served as the head of the TS outpatient department for over twenty years. Additionally, Prof. M&uuml;ller-Vahl
served on the scientific advisory Board of the German Tourette Syndrome Association, and, in 2011, she became the president of
the German Society for the Study of Tourette Syndrome. Furthermore, Prof. M&uuml;ller-Vahl is a German representative member of
the management committee and coordinator of the COST Action BM0905, which is involved the study of TS, and the leader of Working
Group 4, which is involved in outreach activities. Prof. M&uuml;ller-Vahl is a full partner in the EU funded FP7 program, the
&ldquo;European Multicentre Tics in Children Studies.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Prof. Avi Weizman</I>&nbsp;is
a Professor of Child and Adult Psychiatry at the Sackler Faculty of Medicine of Tel Aviv University, a Director of the&nbsp;Felsentein
Medical Research Center and the head of a Laboratory for Biological Psychiatry and the head of a Research Unit at the Geha Mental
Health Center. Prof. Weizman&rsquo;s research involves the investigation of brain mechanisms of mental disorders, and currently
focuses on neurodevelopmental disorders, development of new strategies for the treatment of psychotic disorders and the psychopharmacology
of mental disorders. Prof. Weizman&nbsp;is the author of more than 760 original papers, 5 full books, 28 book chapters and 60
review articles. After completing his residency in Psychiatry, Prof. Weizman spent two years as a visiting scientist at the National
Institute of Mental Health in Bethesda, MD.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><I>Dr. Michael H. Bloch,
M.D., M.S.</I> is the associate training director of the Child Study Center's Solnit Integrated Program, which provides psychiatrists-in-training
with the opportunity to integrate general, child and research psychiatry during many stages of their career. Dr. Bloch&rsquo;s
research interests focus on studying TS, OCD, and trichotillomania. Dr. Bloch&rsquo;s current research involves developing superior
treatments for children and adults diagnosed with the aforementioned indications and examining predictors of long-term outcomes
with an emphasis on neuroimaging. Dr. Bloch has over 100 peer-reviewed publications and has received the Keese Prize (Best Research
Thesis by graduating medical student at Yale University), the Lustman Award (Best Research performed by Psychiatry Resident at
Yale University) and the AACAP Norbert and Charlotte Rieger Award for Scientific Achievement (Best Manuscript Published in JAACAP
by Child Psychiatrist). Dr. Bloch graduated from Yale School of Medicine, where he completed training in both child and adult
psychiatry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Family Relationships</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">There
are no family relationships between any members of our executive management and our directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Arrangements for Election of Directors
and Members of Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">We
are not a party to, and there are no arrangements or voting agreements that we are aware of for the election of our directors
and members of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><B><I>Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">The
following table presents in the aggregate all compensation we paid to all of our directors and senior management as a group for
the year ended December 31, 2015. The table does not include any amounts we paid to reimburse any of such persons for costs incurred
in providing us with services during this period.<FONT STYLE="color: red">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">All
amounts reported in the tables below reflect the cost to the Company, in thousands of U.S. Dollars, for the year ended December
31, 2015. Amounts paid in NIS are translated into U.S. dollars at the rate of NIS 3.902 = U.S.$1.00, based on the average representative
rate of exchange between the NIS and the U.S. dollar as reported by the Bank of Israel in the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: red; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Salary/
                                         Fee and</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Related</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Benefits</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pension,</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Retirement</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and
                                         Other</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Similar</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Benefits</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share<BR>
    Based<BR> Compensation</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left">All directors and senior management as a group, consisting of 12
    persons</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">518,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">129,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">In
accordance with the Companies Law, the table below reflects the compensation granted to our five most highly compensated officers
during or with respect to the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Annual Compensation- in thousands of
USD </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">Executive Officer</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Salary/ Fee
    and<BR> Related<BR> Benefits</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pension,<BR>
    Retirement<BR> and&nbsp;Other<BR> Similar<BR> Benefits</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share<BR>
    Based<BR> Compensation</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left">Ascher Shmulewitz</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">153,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">40,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">193,000</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">&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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dr. Elran Haber</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">153,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">32,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">185,000</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">&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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jan Turek (former CEO)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">63,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">37,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">100,000</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">&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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jonathan Berger (former CEO and CFO)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">80,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">83,000</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">&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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Uri Ben-or (former CFO)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">22,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">22,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Employment and Services Agreements
with Executive Officers </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have entered into written employment agreements with each of our executive officers (including with our chairman). All of these
agreements contain customary provisions regarding noncompetition, confidentiality of information and assignment of inventions.
However, the enforceability of the noncompetition provisions may be limited under applicable law. In addition, we have entered
into agreements with each executive officer and director pursuant to which we have agreed to indemnify each of them up to a certain
amount and to the extent that these liabilities are not covered by directors and officers insurance. Members of our senior management
are eligible for bonuses each year. The bonuses are payable upon meeting objectives and targets that are set by our Chief Executive
Officer and compensation committee and approved annually by our Board of Directors that also set the bonus targets for our Chief
Executive Officer and our Chairman. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
chief executive officer and chairman may be granted bonuses subject to achieving certain targets that were determined and approved
at the end of the previous year by our Board of Directors (following the recommendation of our compensation committee) in an aggregate,
collective amount of up to approximately NIS 600,000 (approximately $160,000). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
aggregate compensation we paid to our current executive officers and directors, including share based compensation, for the year
ended December 31, 2015, was approximately NIS 2.5 million (approximately $0.6 million). This amount includes any amounts set
aside or accrued to provide pension, severance, retirement, annual leave, and recuperation or similar benefits or expenses. It
does not include any business travel, relocation, professional, and business association dues and expenses reimbursed to office
holders, and other benefits commonly reimbursed or paid by companies in Israel. The above also includes the estimated fair value
of share based compensation (share options to purchase Ordinary Shares) in the amount of approximately NIS 502,000 (approximately
$128,000). In addition, as of December 31, 2015, share options to purchase an aggregate of 1,340,000 Ordinary Shares granted to
our executive officers were outstanding under the 2005 Plan, at a weighted average exercise price of approximately NIS 0.59 (approximately
$0.15) per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Since
our inception, we have granted options to purchase our Ordinary Shares to our officers and certain of our directors. Such option
agreements may contain acceleration provisions upon certain merger, acquisition, or change of control transactions. We describe
our option plans under &ldquo;Management&mdash;Equity Incentive Plan.&rdquo; If the relationship between us and an executive officer
or a director is terminated, except for cause (as defined in the various option plan agreements), options that are vested will
generally remain exercisable for 90 days after such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
a description of the terms of our options and option plans, see &ldquo;Management&mdash;Equity Incentive Plan<FONT STYLE="font-variant: small-caps">&rdquo;
</FONT>below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Directors&rsquo; Service Contracts</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Other
than with respect to our directors that are also executive officers (including our chairman), we do not have written agreements
with any director providing for benefits upon the termination of his employment with our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Differences
between the Companies Law and NASDAQ Requirements</I> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Sarbanes-Oxley Act, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, such as us,
to comply with various corporate governance practices. In addition, following the listing of the ADSs on the NASDAQ Capital Market,
we will be required to comply with the NASDAQ Stock Market rules. Under those rules, we may elect to follow certain corporate
governance practices permitted under the Companies Law in lieu of compliance with corresponding corporate governance requirements
otherwise imposed by the NASDAQ Stock Market rules for U.S. domestic issuers. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
accordance with Israeli law and practice and subject to the exemption set forth in Rule&nbsp;5615 of the NASDAQ Stock Market rules,
we intend to follow the provisions of the Companies Law, rather than the NASDAQ Stock Market rules, with respect to the following
requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Distribution of periodic reports to shareholders; proxy solicitation.</I>&nbsp;As
    opposed to the NASDAQ Stock Market rules, which require listed issuers to make such reports available to shareholders in one
    of a number of specific manners, Israeli law does not require us to distribute periodic reports directly to shareholders,
    and the generally accepted business practice in Israel is not to distribute such reports to shareholders but to make such
    reports available through a public website. In addition to making such reports available on a public website, we currently
    make our audited financial statements available to our shareholders at our offices and will only mail such reports to shareholders
    upon request. As a foreign private issuer, we are generally exempt from the SEC&rsquo;s proxy solicitation rules.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt"> &nbsp; </TD>
    <TD STYLE="width: 0.3in"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt"><I>Quorum</I>. While the NASDAQ Stock Market rules require
    that the quorum for purposes of any meeting of the holders of a listed company&rsquo;s common voting stock, as specified in
    the company&rsquo;s bylaws, be no less than 33 1/3% of the company&rsquo;s outstanding common voting stock, under Israeli
    law, a company is entitled to determine in its articles of association the number of shareholders and percentage of holdings
    required for a quorum at a shareholders meeting. Our articles of association provide that a quorum of three or more shareholders
    holding at least 30% of the voting rights in person or by proxy is required for commencement of business at a general meeting.
    However, the quorum set forth in our articles of association with respect to an adjourned meeting, if no quorum is present
    within half an hour of the time arranged, consists of any number of shareholders present in person or by proxy.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Nomination of our directors.</I>&nbsp;With the exception of directors elected by our
    Board of Directors, our directors are elected by an annual meeting of our shareholders to hold office until the next annual
    meeting following one year from his or her election. The nominations for directors, which are presented to our shareholders
    by our Board of Directors, are generally made by the Board of Directors itself, in accordance with the provisions of our articles
    of association and the Companies Law. Nominations need not be made by a nominating committee of our Board of Directors consisting
    solely of independent directors, as required under the NASDAQ Stock Market rules.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>Compensation of officers.</I>&nbsp;Israeli
        law and our articles of association do not require that the independent members of our Board of Directors (or a compensation
        committee composed solely of independent members of our Board of Directors) determine an executive officer&rsquo;s compensation,
        as is generally required under the NASDAQ Stock Market rules with respect to the CEO and all other executive officers.
        Instead, compensation of executive officers is determined and approved by our compensation committee and our Board of
        Directors, and in certain circumstances by our shareholders, either consistent with our office holder compensation policy
        or, in special circumstances in deviation therefrom, taking into account certain considerations stated in the Companies
        Law.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left">Shareholder
        approval is generally required for officer compensation in the event (i) approval by our Board of Directors and our compensation
        committee is not consistent with our office holder compensation policy, or (ii) compensation required to be approved is
        that of our chief executive officer who is not a director or an executive officer who is also the controlling shareholder
        of our company (including an affiliate thereof). Such shareholder approval shall require a majority vote of the shares
        present and voting at a shareholders&rsquo; meeting, provided either (i) such majority includes a majority of the shares
        held by non-controlling shareholders who do not otherwise have a personal interest in the compensation arrangement that
        are voted at the meeting, excluding for such purpose any abstentions disinterested majority, or (ii) the total shares
        held by non-controlling and disinterested shareholders who voted against the arrangement does not exceed 2% of the voting
        rights in our company.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left">Additionally,
        approval of the compensation of an executive officer who is also a director requires a simple majority vote of the shares
        present and voting at a shareholders meeting, if consistent with our office holder compensation policy. Our compensation
        committee and Board of Directors may, in special circumstances, approve the compensation of an executive officer (other
        than a director, a chief executive officer or a controlling shareholder) or approve the compensation policy despite shareholders&rsquo;
        objection, based on specified arguments and taking shareholders&rsquo; objection into account. Our compensation committee
        may further exempt an engagement with a nominee for the position of chief executive officer, who meets the non-affiliation
        requirements set forth for an external director, from requiring shareholder approval, if such engagement is consistent
        with our office holder compensation policy and our compensation committee determines based on specified arguments that
        presentation of such engagement to shareholder approval is likely to prevent such engagement. To the extent that any such
        transaction with a controlling shareholder is for a period exceeding three years, approval is required once every three
        years.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">A director or executive officer may
        not be present when the Board of Directors of a company discusses or votes upon a transaction in which he or she has a
        personal interest, except in case of ordinary transactions, unless the chairman of the Board of Directors determines that
        he or she should be present to present the transaction that is subject to approval.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Independent directors.</I>&nbsp;Israeli law does not require
    that a majority of the directors serving on our Board of Directors be &ldquo;independent,&rdquo; as defined under NASDAQ Listing
    Rule&nbsp;5605(a)(2), and rather requires we have at least two external directors who meet the requirements of the Companies
    Law, as described above under &ldquo;Management &ndash;&nbsp;Board Practices &ndash; External Directors&rdquo; Notwithstanding
    Israeli law, we believe that a majority of our directors are currently &ldquo;independent&rdquo; under the NASDAQ Stock Market
    rules. We are required, however, to ensure that all members of our Audit Committee are &ldquo;independent&rdquo; under the
    applicable NASDAQ and SEC criteria for independence (as we cannot exempt ourselves from compliance with that SEC independence
    requirement, despite our status as a foreign private issuer), and we must also ensure that a majority of the members of our
    Audit Committee are &ldquo;unaffiliated directors&rdquo; as defined in the Companies Law. Furthermore, Israeli law does not
    require, nor do our independent directors conduct, regularly scheduled meetings at which only they are present, which the
    NASDAQ Stock Market rules otherwise require.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Shareholder approval.</I>&nbsp;We will seek shareholder approval
    for all corporate actions requiring such approval under the requirements of the Companies Law, rather than seeking approval
    for corporation actions in accordance with NASDAQ Listing Rule&nbsp;5635. In particular, under this NASDAQ Stock Market rule,
    shareholder approval is generally required for: (i)&nbsp;an acquisition of shares/assets of another company that involves
    the issuance of 20% or more of the acquirer&rsquo;s shares or voting rights or if a director, officer or 5% shareholder has
    greater than a 5% interest in the target company or the consideration to be received; (ii)&nbsp;the issuance of shares leading
    to a change of control; (iii)&nbsp;adoption/amendment of equity compensation arrangements (although under the provisions of
    the Companies Law there is no requirement for shareholder approval for the adoption/amendment of the equity compensation plan);
    and (iv)&nbsp;issuances of 20% or more of the shares or voting rights (including securities convertible into, or exercisable
    for, equity) of a listed company via a private placement (and/or via sales by directors/officers/5% shareholders) if such
    equity is issued (or sold) at below the greater of the book or market value of shares. By contrast, under the Companies Law,
    shareholder approval is required for, among other things: (i)&nbsp;transactions with directors concerning the terms of their
    service or indemnification, exemption and insurance for their service (or for any other position that they may hold at a company),
    for which approvals of the compensation committee, Board of Directors and shareholders are all required, (ii)&nbsp;extraordinary
    transactions with controlling shareholders of publicly held companies, which require the special approval, and (iii)&nbsp;terms
    of employment or other engagement of the controlling shareholder of us or such controlling shareholder&rsquo;s relative, which
    require special approval. In addition, under the Companies Law, a merger requires approval of the shareholders of each of
    the merging companies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt"><I>Approval of Related Party Transactions</I>. All related
    party transactions are approved in accordance with the requirements and procedures for approval of interested party acts and
    transactions as set forth in the Companies Law, which requires the approval of the audit committee, or the compensation committee,
    as the case may be, the board of directors and shareholders, as may be applicable, for specified transactions, rather than
    approval by the audit committee or other independent body of our Board of Directors as required under the NASDAQ Stock Market
    rules.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Introduction</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
Board of Directors presently consists of 6 members, including two external directors that are required to be appointed under the
Companies Law (see &ldquo;Management&mdash;Board Practices&mdash;External Directors<FONT STYLE="font-variant: small-caps">&rdquo;)</FONT>.
We believe that Mr. Berger, Mr. Heiblum and Dr. Stark are &ldquo;independent&rdquo; for purposes of the NASDAQ Stock Market rules.
Our articles of association provide that the number of directors shall be set by the general meeting of the shareholders provided
that it will consist of not less than three and not more than 12, not including external directors. Pursuant to the Companies
Law, the management of our business is vested in our Board of Directors. Our Board of Directors may exercise all powers and may
take all actions that are not specifically granted to our shareholders or to management. Our executive officers are responsible
for our day-to-day management and have individual responsibilities established by our Board of Directors. Our Chief Executive
Officer is appointed by, and serves at the discretion of, our Board of Directors, subject to the employment agreement that we
have entered into with him (whose terms are approved with the prior review and approval of our compensation committee, the Board
of Directors and the general meeting of our shareholders). All other executive officers are appointed by our Chief Executive Officer.
Their terms of employment are subject to the approval of the Board of Directors&rsquo; compensation committee (see &ldquo;Management&mdash;Compensation
Committee<FONT STYLE="font-variant: small-caps">&rdquo;</FONT>) and of the Board of Directors, and are subject to the terms of
any applicable employment agreements that we may enter into with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Each
director, except external directors (whose term is set for a three-years term), will hold office until the annual general meeting
of our shareholders for the year in which his or her term expires, unless he or she is removed by a majority vote of our shareholders
at a general meeting of our shareholders or upon the occurrence of certain events, in accordance with the Companies Law and our
articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> In addition, our
articles of association allows our board of directors to appoint directors to fill vacancies on our Board of Directors or in addition
to the acting directors (subject to the limitation on the number of directors and their qualifications), until the next general
meeting in which directors may be appointed or such appointment terminated. External directors may be elected for up to two additional
three-year terms after their initial three-year term under the circumstances described below, with certain exceptions. External
directors may be removed from office only under the limited circumstances set forth in the Companies Law. See &ldquo;Management&mdash;Board
Practices&mdash;External Directors&rdquo; below. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, nominations for directors may be made by any shareholder holding at least 1% of our outstanding voting power.
However, any such shareholder may make such a nomination only if a written notice of such shareholder&rsquo;s intent to make such
nomination has been given to our board of directors. Any such notice must include certain information, a description of all arrangements
between the nominating shareholder and the proposed director nominee(s) and any other person pursuant to which the nomination(s)
are to be made by the nominating shareholder, the consent of the proposed director nominee(s) to serve as our director(s) if elected
and a declaration signed by the nominee(s) declaring that there is no limitation under the Companies Law preventing their election
and that all of the information that is required to be provided to us in connection with such election under the Companies Law
has been provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the Companies Law, our Board of Directors must determine the minimum number of directors who are required to have accounting and
financial expertise. Under Israeli applicable regulations, a director with accounting and financial expertise is a director who,
by reason of his or her education, professional experience and skill, has a high level of proficiency in and understanding of
business accounting matters and financial statements. He or she must be able to thoroughly comprehend the financial statements
of the company and initiate debate regarding the manner in which financial information is presented. In determining the number
of directors required to have such expertise, our Board of Directors must consider, among other things, the type and size of the
company and the scope and complexity of its operations. Our Board of Directors has determined that the minimum number of directors
of our company who are required to have accounting and financial expertise is one. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Board of Directors may elect one director to serve as the chairman of the Board of Directors to preside at the meetings of the
Board of Directors, and may also remove that director as chairman. Pursuant to the Companies Law, neither the chief executive
officer nor any of his or her relatives is permitted to serve as the chairman of the Board of Directors, and a company may not
vest the chairman or any of his or her relatives with the chief executive officer&rsquo;s authorities. In addition, a person who
reports, directly or indirectly, to the chief executive officer may not serve as the chairman of the Board of Directors; the chairman
may not be vested with authorities of a person who reports, directly or indirectly, to the chief executive officer; and the chairman
may not serve in any other position in the company or a controlled company, but he or she may serve as a director or chairman
of a controlled company. However, the Companies Law permits the company&rsquo;s shareholders to determine, for a period not exceeding
three years from each such determination, that the chairman or his or her relative may serve as chief executive officer or be
vested with the chief executive officer&rsquo;s authorities, and that the chief executive officer or his or her relative may serve
as chairman or be vested with the chairman&rsquo;s authorities. Such determination of a company&rsquo;s shareholders requires
either: (1) the approval of at least the majority of the shares of those shareholders present and voting on the matter (other
than controlling shareholders and those having a personal interest in the determination); or (2) that the total number of shares
opposing such determination does not exceed 2% of the total voting power in the company. Currently, we have a separate chairman
and chief executive officer. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees of the
board, and it may, from time to time, revoke such delegation or alter the composition of any such committees, subject to certain
limitations. Unless otherwise expressly provided by the Board of Directors, the committees shall not be empowered to further delegate
such powers. The composition and duties of our audit committee, compensation committee, the R&amp;D and clinical trials committee
are described below. See &ldquo;Management Committees of the Board of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
Board of Directors is the only formal body that reviews our financial statements as permitted under the Companies Law, and in
such capacity oversees and monitors: our accounting and financial reporting processes and controls, audits of the financial statements,
compliance with legal and regulatory requirements as they relate to financial statements or accounting matters and the independent
registered public accounting firm&rsquo;s qualifications, independence and performance. Under Israeli law and regulations, we
are exempted from appointing a financial statement examination committee, following our Board of Directors' ascertainment that
certain requirements under the regulations exists, so to allow us to use said exemption. In lieu of the committee, our Board of
Directors is required to comply with certain conditions and its composition must meet certain requirements when it approves our
financial statements, which to date are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Role of Board
of Directors in Risk Oversight Process </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Board of Directors oversees how management monitors compliance with our risk management policies and procedures, and reviews the
adequacy of the risk management framework in relation to the risks faced by us. Our Board of Directors encourages management to
promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Management
discusses strategic and operational risks at regular management meetings, and conducts specific strategic planning and review
sessions that include a focused discussion and analysis of the risks we face. Senior management reviews these risks with the Board
of Directors focusing on particular business functions, operations or strategies, and presents the steps taken by management to
mitigate or eliminate such risks. The Board of Directors is assisted in its oversight role by an internal auditor. The internal
auditor undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported
to our audit committee. See &ldquo;Management Committees of the Board of Directors&mdash;Internal Auditor&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Leadership
Structure of the Board of Directors </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
accordance with the Companies Law and our articles of association, our Board of Directors is required to appoint one of its members
to serve as chairman of the Board of Directors. Our Board of Directors has appointed Dr. Shmulewitz to serve as chairman of the
Board of Directors. The terms of services as an active chairman were approved by our compensation committee, the Board of Directors
and the general meeting of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Alternate Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Our articles of association
provide, consistent with the Companies Law, that any director (and with respect to external directors &ndash; only subject to
certain preconditions) may appoint another person to serve as his alternate director, provided such person has the qualifications
prescribed under the Companies Law to be appointed and to serve as a director and is not already serving as a director or an alternate
director of the company. The term of an alternate director may be terminated at any time by the appointing director and automatically
terminates upon the termination of the term of the appointing director. An alternate director has the same rights and responsibilities
as a director. To date there are no alternate director appointments in effect. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>External Directors
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the Companies Law, an Israeli company whose shares have been offered to the public or whose shares are listed for trading on a
stock exchange in or outside of Israel is required to appoint at least two external directors to serve on its Board of Directors.
Following a recent amendment to the Companies Law enacted on February 17, 2016, or Amendment 27, such external directors are no
longer required to be Israeli residents in case of a company listed on a foreign stock exchange (such as NASDAQ). External directors
must meet stringent standards of independence. Our external directors are Mr. Berger and Mr. Heiblum. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The Companies Law
provides that an individual person is not qualified to be nominated and appointed or to serve as an external director if (i) the
nominee is a relative of a &ldquo;controlling shareholder&rdquo; of the company, or (ii) if the nominee or the nominee&rsquo;s
relative, partner, employer, other person to whom the nominee is a subordinate, directly or indirectly, or a corporation under
the control of the above has or had any prohibited affiliation or other disqualifying relationship (as defined below), at the
time of the appointment or during the two years preceding the date of appointment as an external director, with: (a) the company,
with any person who owns control over the company (i.e. a &ldquo;controlling shareholder&rdquo;) or a relative of such controlling
shareholder, or with any corporation that at the time of the appointment or during the two years preceding the date of appointment
is controlled by the company or its controlling shareholder; or (b) in the case of a company with no controlling shareholder or
a shareholder holding at least 25% of its voting rights, a person then serving as the chairman of the board, the chief executive
officer of the company, a holder of 5% or more of the issued share capital or voting power in the company, or the chief financial
officer of the Company. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> The term &ldquo;controlling
shareholder&rdquo; means a shareholder with the ability to direct the activities of the company, other than by virtue of being
an office holder. A shareholder is presumed to have &ldquo;control&rdquo; of the company and thus to be a controlling shareholder
of the company if the shareholder holds 50% or more of the &ldquo;means of control&rdquo; of the company. &ldquo;Means of control&rdquo;
is defined as (1) the right to vote at a general meeting of a company or a corresponding body of another corporation; or (2) the
right to appoint directors of the corporation or its general manager. For the purpose of determining the holding percentage stated
above, two or more shareholders who have a personal interest in a transaction that is brought for the company&rsquo;s approval
are deemed as joint holders. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The term &ldquo;relative&rdquo;
is defined under the Companies Law as a spouse, sibling, parent, grandparent, or descendant; spouse&rsquo;s sibling, parent, or
descendant; and the spouse of each of the foregoing persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Under the Companies
Law, the term &ldquo;(prohibited) affiliation&rdquo; and the similar types of prohibited relationships include (subject to certain
exceptions regarding relationships deemed negligible under the Companies Law and the regulations promulgated thereunder): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">an employment relationship; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">a business or professional relationship maintained on a regular
    basis or by means of control (and with respect to an already serving external director &ndash; even if such relations are
    not maintained on a regular basis (excluding insignificant relationships), and including if one had accepted consideration
    not in compliance with the Companies Law and regulations promulgated thereunder; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Serving as an office holder, excluding serving as a director
    in a private company prior to the initial public offering of its shares if such director were appointed as a director of the
    private company in order to serve as an external director following the initial public offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The term &ldquo;office
holder&rdquo; is defined under the Companies Law as the chief executive officer, general manager, chief business manager, deputy
general manager, vice general manager, any other person assuming the responsibilities of any of the above positions regardless
of that person&rsquo;s title, and a director, or a manager directly subordinate to the chief executive officer or general manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> In addition, no person
may serve as an &ldquo;external director&rdquo; if that person&rsquo;s position or professional or other activities create, or
may create, a conflict of interest with that person&rsquo;s responsibilities as a director or otherwise interfere with that person&rsquo;s
ability to serve as an external director or if the person is an employee of the ISA or of an Israeli stock exchange. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">A person may furthermore
not continue to serve as an external director if he or she received direct or indirect compensation from the company including
amounts paid pursuant to indemnification or exculpation contracts or commitments and insurance coverage for his or her service
as an external director, other than as permitted by the Companies Law and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Following the termination
of an external director&rsquo;s service on a board of directors, the company, its controlling shareholder, or any entity under
its controlling shareholder&rsquo;s control may not provide such former external director and his or her spouse and children with
a direct or indirect benefit. This includes engagement as an office holder or director of the company or a company controlled
by its controlling shareholder or employment by, or provision of services to, any such company for consideration, either directly
or indirectly, including through a corporation controlled by the former external director. This restriction extends for a period
of two years with regard to the former external director and his or her spouse or children, and for one year with respect to other
relatives of the former external director. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">If, at the time at which
an external director is appointed, all members of the board of directors, who are not controlling shareholders or relatives of
controlling shareholders of the company are of the same gender, the external director to be appointed must be of the other gender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">According
to regulations promulgated under the Companies law, at least one of the external directors is required to have &ldquo;financial
and accounting expertise,&rdquo; unless another member of the audit committee, who is an independent director under the NASDAQ
Stock Market rules, has &ldquo;financial and accounting expertise,&rdquo; and the other external director or directors are required
to have &ldquo;professional expertise&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">An
external director may not be appointed to an additional term unless: (1) such director has &ldquo;accounting and financial expertise;&rdquo;
or (2) he or she has &ldquo;professional proficiency,&rdquo; and on the date of appointment for another term there is another
external director who has &ldquo;accounting and financial expertise&rdquo; and the number of &ldquo;accounting and financial experts&rdquo;
on the board of directors is at least equal to the minimum number determined appropriate by the board of directors. We have determined
that both Mr. Berger and Mr. Heiblum have accounting and financial expertise (and the remaining directors have professional proficiency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> A director has &ldquo;professional
expertise&rdquo; if he or she satisfies one of the following requirements: (1) the director holds an academic degree in either
economics, business administration, accounting, law or public administration, (2) the director either holds an academic degree
in any other field or has completed another form of higher education in the company&rsquo;s primary field of business or in an
area which is relevant to his or her office as an external director in the company, or (3) the director has at least five years
of experience serving in any one of the following, or at least five years of cumulative experience serving in two or more of the
following capacities: (a) a senior business management position in a company with a substantial scope of business, (b) a senior
position in the company&rsquo;s primary field of business or (c) a senior position in public administration. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the Companies Law, external directors are elected by a majority vote at a shareholders&rsquo; meeting, so long as either: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">at least a majority of the shares held by shareholders who are
    not controlling shareholders and do not have personal interest in the appointment (excluding a personal interest that did
    not result from the shareholder&rsquo;s relationship with the controlling shareholder) have voted in favor of the proposal
    (shares held by abstaining shareholders shall not be considered); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the total number of shares of such shareholders voted against
    the election of the external director does not exceed 2% of the aggregate voting rights of our Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Companies Law provides for an initial three-year term for an external director. Thereafter, an external director may be reelected
by shareholders to serve in that capacity for up to two additional three-year terms, with certain exceptions as explained below,
provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px"> &nbsp; </TD>
    <TD STYLE="width: 24px; text-align: left"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">his or her service for each such additional term is recommended
    by one or more shareholders holding at least one percent of the company&rsquo;s voting rights and is approved at a shareholders
    meeting by a disinterested majority, where the total number of shares held by non-controlling, disinterested shareholders
    voting for such reelection exceeds two percent of the aggregate voting rights in the company and subject to additional restrictions
    set forth in the Companies Law with respect to affiliation of the external director nominee;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">his or her service for each such additional term is recommended
    by the board of directors and is approved at a shareholders meeting by the same disinterested majority required for the initial
    election of an external director (as described above); or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the external director offered his or her service for each such
    additional term and was approved in accordance with the provisions of section (1) above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
term of office for external directors for Israeli companies traded on certain foreign stock exchanges, including the NASDAQ Stock
Market, may be extended indefinitely in increments of additional three-year terms, in each case provided that the audit committee
and the board of directors of the company confirm that, in light of the external director&rsquo;s expertise and special contribution
to the work of the board of directors and its committees, the reelection for such additional period(s) is beneficial to the company,
and provided that the external director is reelected subject to the same shareholder vote requirements as if elected for the first
time (as described above). Prior to the approval of the reelection of the external director at a general shareholders meeting,
the company&rsquo;s shareholders must be informed of the term previously served by him or her and of the reasons why the board
of directors and audit committee recommended the extension of his or her term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">External
directors may be removed only by the same special majority of shareholders required for their election or by a court, and in both
cases only if the external directors cease to meet the statutory qualifications for their appointment or if they violate their
duty of loyalty to our company. In the event of a vacancy created by an external director which causes the company to have fewer
than two external directors, the board of directors is required under the Companies Law to call a shareholders meeting as soon
as possible (and within three months) to appoint such number of new external directors in order that the company thereafter has
two external directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">External
directors may be compensated only in accordance with regulations adopted under the Companies Law. Compensation of an external
director is determined prior to his or her appointment and, subject to certain exceptions, may not be changed during his or her
term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
definition of &ldquo;independent director&rdquo; under NASDAQ Listing Rules and the definition of &ldquo;external director&rdquo;
under the Companies Law overlap to a significant degree such that we would generally expect any director serving as external directors
under the Companies Law to satisfy the requirements to be independent under NASDAQ Listing Rules. However, it is possible for
a director to qualify as an &ldquo;external director&rdquo; under the Companies Law without qualifying as an &ldquo;independent
director&rdquo; under NASDAQ Listing Rules, or vice-versa. The definition of &ldquo;external director&rdquo; under the Companies
Law includes a set of statutory criteria that must be satisfied, including criteria whose aim is to ensure that there is no factor
that would impair the ability of the external director to exercise independent judgment. The definition of &ldquo;independent
director&rdquo; under NASDAQ Listing Rules specifies similar, if slightly less stringent, requirements in addition to the requirement
that the board of directors consider any factor which would impair the ability of the independent director to exercise independent
judgment. In addition, external directors serve for a period of three years (and for no more than two additional three-year terms)
pursuant to the requirements of the Companies Law. However, a special majority of shareholders must elect &ldquo;external directors&rdquo;
while &ldquo;independent directors&rdquo; may be elected by an ordinary majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Each
committee of the board of directors that exercises the powers of the board of directors must include at least one external director.
The audit committee and the compensation committee must include all external directors then serving on the board of directors
and should be comprised of a majority of directors who are defined as independent under Israeli law; the external directors must
be the majority of the members of the compensation committee. The chairman of the audit committee and of the compensation committee
must be an external director. See &ldquo;Management Committees of the Board of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the regulations pursuant to the Companies Law, certain exemptions and reliefs with respect to external directors and independent
directors are granted to companies whose securities are traded outside of Israel. We may use these exemptions and reliefs after
the registration of the ADSs with the NASDAQ Capital Market under this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Fiduciary Duties of Office Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The Companies Law
imposes a duty of care and a duty of loyalty on all office holders of a company. &ldquo;Office holders&rdquo; includes the chief
executive officer, general manager, chief business manager, deputy general manager, vice general manager, any other person assuming
the responsibilities of any of the above positions regardless of that person&rsquo;s title, and a director, or a manager directly
subordinate to the chief executive officer or general manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The duty of care
requires an office holder to act with the level of care with which a reasonable office holder in the same position would have
acted under the same circumstances. The duty of care of an office holder includes a duty to use reasonable means to obtain:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">information on the advisability of a given action brought for his approval or performed
    by him by virtue of his position; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">all other important information pertaining to these actions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">The duty of loyalty
of an office holder requires an office holder to act in good faith and for the benefit of the company, and includes a duty to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">refrain from any conflict of interest between the performance of his duties in the company
    and his performance of his other duties or personal affairs;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">refrain from any action that constitutes competition with the company&rsquo;s business;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">refrain from exploiting any business opportunity of the company to receive a personal gain
    for himself or others; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">disclose to the company any information or documents relating to the company&rsquo;s affairs
    which the office holder has received due to his position as an office holder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Approval of Related Party Transactions
under Israeli Law</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, we may approve an action by an office holder from which the office holder would otherwise have to refrain,
as described above, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the office holder acts in good faith and the act or its approval
    does not cause harm to the company; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the office holder disclosed the nature of his or her interest
    in the transaction (including any significant fact or document) to the company at a reasonable time before the company&rsquo;s
    approval of such matter.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><I>Disclosure of
Personal Interests of an Office Holder</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Companies Law requires that an office holder disclose to the company, promptly, and, in any event, not later than the board meeting
at which the transaction is first discussed, any direct or indirect personal interest that he or she may have and all related
material information known to him or her relating to any existing or proposed transaction by the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> A
&ldquo;personal interest&rdquo; includes the personal interest of a person for whom the office holder holds a voting proxy or
the personal interest of the office holder with respect to his or her vote on behalf of a person for whom he or she holds a proxy
even if such shareholder has no personal interest in the matter. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
the transaction is an extraordinary transaction, the office holder must also disclose any personal interest held by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the office holder&rsquo;s relatives; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any corporation in which the office holder or his or her relatives
    holds 5% or more of the shares or voting rights, serves as a director or general manager or has the right to appoint at least
    one director or the general manager.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, an extraordinary transaction is a transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">not in the ordinary course of business;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">not on market terms; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">that is likely to have a material effect on the company&rsquo;s
    profitability, assets or liabilities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Companies Law does not specify neither to who within us nor the manner in which required disclosures are to be made. We require
our office holders to make such disclosures to our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors may approve a
transaction between the company and an office holder, or a third party in which an office holder has a personal interest, unless
the articles of association provide otherwise and provided that the transaction is not detrimental to the company&rsquo;s interest
and is performed by the office holder in good faith. If the transaction is an extraordinary transaction, first the audit committee
and then the board of directors, in that order, must approve the transaction. Under specific circumstances, shareholder approval
may also be required. Any director (and any person, in general) who has a personal interest in an extraordinary transaction, which
is considered at a meeting of the board of directors or the audit committee, may not be present at this meeting or vote on this
matter, unless the chairman of the relevant committee or board of directors determines that he or she should be present in order
to present the transaction that is subject to approval. If a majority of the board of directors or the audit committee, as the
case may be, has a personal interest in the approval of a transaction, then all directors may participate in discussions of the
audit committee or the board of directors (as applicable) on such transaction and the voting on approval thereof, but shareholder
approval is also required for such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, all arrangements as to compensation and indemnification or insurance of office holders require approval of
the compensation committee and board of directors, and compensation of office holders who are directors must be also approved,
subject to certain exceptions, by the shareholders, in that order. If shareholders of a company do not approve the compensation
terms of office holders, other than directors, the compensation committee and board of directors may override the shareholders&rsquo;
decision, subject to certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><I>Disclosure of
Personal Interests of a Controlling Shareholder</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, the disclosure requirements that apply to an office holder also apply to a &ldquo;controlling shareholder&rdquo;
of a public company. Extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal
interest, including a private placement in which a controlling shareholder has a personal interest, as well as transactions for
the provision of services whether directly or indirectly by a controlling shareholder or his or her relative, or a company such
controlling shareholder controls, and transactions concerning the terms of engagement of a controlling shareholder or a controlling
shareholder&rsquo;s relative, whether as an office holder or an employee, require the approval of the audit committee or the compensation
committee, as the case may be, the board of directors and a majority of the shares voted by the shareholders of the company participating
and voting on the matter in a shareholders&rsquo; meeting. In addition, the shareholder approval must fulfill one of the following
requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">at least a majority of the shares held by shareholders who have
    no personal interest in the transaction and are voting at the meeting must be voted in favor of approving the transaction,
    excluding abstentions; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the shares voted by shareholders who have no personal interest
    in the transaction who vote against the transaction represent no more than 2% of the voting rights in the company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest
with a term of more than three years requires the abovementioned approval every three years; however, such transactions not involving
the receipt of services or compensation can be approved for a longer term, provided that the audit committee determines that such
longer term is reasonable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Pursuant
to regulations promulgated under the Companies Law, certain transactions with a controlling shareholder or his or her relative,
or with directors, that would otherwise require approval of a company&rsquo;s shareholders may be exempt from shareholder approval
upon certain determinations of the audit or compensation committee and board of directors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding
a transaction with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a
personal interest in the vote in question. Failure to so indicate will result in the invalidation of that shareholder&rsquo;s
vote. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-size: 10pt">The
term &ldquo;controlling shareholder&rdquo; is defined in the Companies Law as a shareholder with the ability to direct the activities
of the company, other than by virtue of being an office holder. A shareholder is presumed to be a controlling shareholder if the
shareholder holds 50% or more of the voting rights in a company or has the right to appoint the majority of the directors of the
company or its general manager. The definition a &ldquo;controlling shareholder&rdquo; is deemed to include any shareholder that
holds 25% or more of the voting rights in a company if no other shareholder holds more than 50% of the voting rights in the company.
For the purpose of determining the holding percentage stated above, two or more shareholders who have a personal interest in a
transaction that is brought for the company&rsquo;s approval are deemed as joint holders.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">With
respect to approving transactions, to which Dr. Shmulewitz and/or Mr. Meizler are a party to and/or has or might have personal
interest in, we have taken upon ourselves since February 2013 (pursuant to the ISA&rsquo;s request) that so long as no substantial
changes are made with respect to our shareholders composition, following Dr. Shmulewitz&rsquo;s and Mr. Meizler&rsquo;s investment
in us, any material transaction that we intend to pursue, which one of them is, directly or indirectly, a party to or has or might
have personal interest in (except for transactions and decisions on indemnity, directors' fees, insurance, etc., which apply uniformly
to all directors) will be examined in coordination with the ISA as to the manner of which such transaction should be approved
prior to its approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Duties of Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an
acceptable manner in exercising its rights and performing its obligations to the company and other shareholders, including, among
other things, voting at general meetings of shareholders on the following matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">amendment of the articles of association;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">increase in the company&rsquo;s authorized share capital;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">merger; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the approval of &ldquo;related party&rdquo; transactions and
    acts of office holders that require shareholder approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
shareholder also has a general duty to refrain from oppressing and discriminating against other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
remedies generally available upon a breach of contract will also apply to a breach of the above mentioned duties, and in the event
of oppression of other shareholders, additional remedies are available to the injured shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote
and any shareholder that, under a company&rsquo;s articles of association, has the power to appoint or prevent the appointment
of an office holder, or has another power with respect to a company, is under a duty to act with fairness towards the company.
The Companies Law does not describe the substance of this duty except to state that the remedies generally available upon a breach
of contract will also apply in the event of a breach of the duty to act with fairness, taking the shareholder&rsquo;s position
in the company into account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Committees of
the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
Board of Directors has established three standing committees: the audit committee and the compensation committee (which are mandatory)
and an R&amp;D and clinical trials committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, we are required to appoint an audit committee. The audit committee must be comprised of at least three directors,
including all of the external directors (one of whom must serve as chair of the committee). The audit committee may not include
the following: the chairman of the board; a controlling shareholder of the company or a relative of a controlling shareholder;
a director employed by or providing services on a regular basis to the company, to a controlling shareholder or to an entity controlled
by a controlling shareholder; or a director who derives most of his or her income from a controlling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, under the Companies Law, a majority of the members of the audit committee of a publicly-traded company must be independent
(unaffiliated) directors. In general, an &ldquo;unaffiliated director&rdquo; under the Companies Law is defined as either (i)
an external director, or (ii) an individual who has not served as a director of the company for a period exceeding nine consecutive
years and who meets the qualifications for being appointed as an external director, except that he or she need not meet the requirement
for accounting and financial expertise or professional qualifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
audit committee, acting pursuant to a written charter, is comprised of Mr. Heiblum (chair), Mr. Berger and Dr. Stark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, our audit committee is responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">determining whether there are deficiencies in the business management
    practices of our company, and making recommendations to the Board of Directors to improve such practices; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">determining whether to approve certain related party transactions
    (including transactions in which an office holder has a personal interest and whether such transaction is extraordinary or
    material under Companies Law) (see &ldquo;Management&mdash;Board Practices&mdash;Approval of Related Party Transactions under
    Israeli law&rdquo;);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">examining our internal controls and internal auditor&rsquo;s
    performance, including whether the internal auditor has sufficient resources and tools to dispose of its responsibilities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">examining the scope of our auditor&rsquo;s work and compensation
    and submitting a recommendation with respect thereto to our Board of Directors or shareholders, depending on which of them
    is considering the appointment of our auditor; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">establishing procedures for the handling of employees&rsquo;
    complaints as to the management of our business and the protection to be provided to such employees;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">determining whether certain acts of an office holder not in
    accordance with his or her fiduciary duty owed to the company are extraordinary or material and to approve such acts and certain
    related party transactions (including transactions in which an office holder has a personal interest) and whether such transaction
    is extraordinary or material under the Companies Law (see &ldquo;Management &mdash;&nbsp;Board Practices&mdash;&nbsp;Approval
    of Related Party Transactions Under Israeli Law&rdquo;);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">deciding whether to approve and to establish the approval process
    (including by tender or other competitive proceedings) for certain transactions with a controlling shareholder or in which
    a controlling shareholder has a personal interest; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">determining the process of approving of transactions that are
    not negligible, including determining the types of transactions that will be subject to the approval of the audit committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
audit committee may not conduct any discussions or approve any actions requiring its approval (see &ldquo;Management&mdash;Board
Practices&mdash;Approval of Related Party Transactions under Israeli law&rdquo;), unless at the time of the approval a majority
of the committee&rsquo;s members are present, which majority consists of unaffiliated directors including at least one external
director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> Our Board of Directors
intends to adopt an audit committee charter to be effective upon the listing of the ADSs on the NASDAQ Capital Market setting
forth among others, the responsibilities of the audit committee consistent with the rules of the SEC and NASDAQ Listing Rules
(in addition to the requirements for such committee under the Companies Law), including, among others, the following: </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; padding-bottom: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; padding-bottom: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">considering and making recommendations to the Board of Directors
    on our financial statements, reviewing and discussing the financial statements and presenting its recommendations with respect
    to the financial statements to the Board of Directors prior to the approval of the financial statements by our Board of Directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">oversight of our independent registered public accounting firm
    and recommending the engagement, compensation or termination of engagement of our independent registered public accounting
    firm to the Board of Directors in accordance with Israeli law;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">recommending the engagement or termination of the person filling
    the office of our internal auditor, reviewing the services provided by our internal auditor and reviewing effectiveness of
    our system of internal control over financial reporting;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">recommending the terms of audit and non-audit services provided
    by the independent registered public accounting firm for pre-approval by our Board of Directors; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">reviewing and monitoring, if applicable, legal matters with
    significant impact, finding of regulatory authorities' findings, receive reports regarding irregularities and legal compliance,
    acting according to &ldquo;whistleblower policy&rdquo; and recommend to our Board of Directors if so required, and oversee
    our policies and procedures regarding compliance to applicable financial and accounting related standards, rules and regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the regulations promulgated under the Companies Law, certain exemptions and reliefs with respect to the audit committee are granted
to companies whose securities are traded outside of Israel. We may use these exemptions and reliefs after the listing of the ADSs
on the NASDAQ Capital Market. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>NASDAQ Stock
Market Requirements for Audit Committee</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the NASDAQ Stock Market rules, we are required to maintain an audit committee consisting of at least three members, all of whom
are independent and are financially literate and one of whom has accounting or related financial management expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
noted above, the members of our audit committee include Mr. Berger and Mr. Heiblum who are external directors, and Dr. Stark.
All of the members of our audit committee are &ldquo;independent,&rdquo; as such term is defined in under NASDAQ Stock Market
rules. Mr. Heiblum serves as the chairman of our audit committee. All members of our audit committee meet the requirements for
financial literacy under the NASDAQ Stock Market rules. Our Board of Directors has determined that each member of our audit committee
is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by the
NASDAQ Stock Market rules.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Compensation Committee </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, the board of directors of any public company must establish a compensation committee. The compensation committee
must be comprised of at least three directors, including all of the external directors, who must constitute a majority of the
members of the compensation committee, and one of whom must serve as chairman of the committee. However, subject to certain exceptions,
Israeli companies whose securities are traded on stock exchanges such as the NASDAQ Stock Market, and who do not have a shareholder
holding 25% or more of the company&rsquo;s share capital, do not have to meet this majority requirement; provided, however, that
the compensation committee meets other Companies Law composition requirements, as well as the requirements of the jurisdiction
where the company&rsquo;s securities are traded. Each compensation committee member that is not an external director must be a
director whose compensation does not exceed an amount that may be paid to an external director. The compensation committee is
subject to the same Companies Law restrictions as the audit committee as to (a) who may not be a member of the committee and (b)
who may not be present during committee deliberations as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
compensation committee is acting pursuant to a written charter, and consists of Mr. Heiblum (chair), Mr. Berger and Dr. Stark,
each of whom is &ldquo;independent,&rdquo; as such term is defined under the NASDAQ Stock Market rules. Our compensation committee
complies with the provisions of the Companies Law, the regulations promulgated thereunder, and our articles of association, on
all aspects referring to its independence, authorities and practice. Our compensation committee follows home country practice
as opposed to complying with the compensation committee membership and charter requirements prescribed under the NASDAQ Stock
Market rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
compensation committee reviews and recommends to our Board of Directors: (1) the annual base compensation of our executive officers
and directors; (2) annual incentive bonus, including the specific goals and amount; (3) equity compensation; (4) employment agreements,
severance arrangements, and change in control agreements/provisions; (5) retirement grants and/or retirement bonuses; and (6)
any other benefits, compensation, compensation policies or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
duties of the compensation committee include the recommendation to the company&rsquo;s board of directors of a policy regarding
the terms of engagement of office holders, to which we refer as a &ldquo;Compensation Policy&rdquo;. The compensation policy must
be adopted by the company&rsquo;s board of directors, after considering the recommendations of the compensation committee. The
compensation policy is then brought for approval by our shareholders and is subject to special majority requirements. On March
24, 2014, our shareholders approved our compensation policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><I>Compensation Policy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of executive
officers and directors, including exculpation, insurance, indemnification or any monetary payment or obligation of payment in
respect of employment or engagement. The compensation policy must be approved (or reapproved) not longer than every three years,
and relate to certain factors, including advancement of the company&rsquo;s objectives, the company&rsquo;s business and its long-term
strategy, and creation of appropriate incentives for executives. It must also consider, among other things, the company&rsquo;s
risk management, size and the nature of its operations. The compensation policy must furthermore consider the following additional
factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the knowledge, skills, expertise and accomplishments of the
    relevant office holder (director or executive);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the director&rsquo;s or executive&rsquo;s roles and responsibilities
    and prior compensation agreements with him or her;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the relationship between the terms offered and the average and
    median compensation of the other employees of the company, including those employed through manpower companies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the impact of disparities in salary upon work relationships
    in the company;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the possibility of reducing variable compensation at the discretion
    of the board of directors; and the possibility of setting a limit on the exercise value of non-cash variable compensation;
    and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">as to severance compensation, the period of service of the director
    or executive, the terms of his or her compensation during such service period, the company&rsquo;s performance during that
    period of service, the person&rsquo;s contribution towards the company&rsquo;s achievement of its goals and the maximization
    of its profits, and the circumstances under which the person is leaving the company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
compensation policy must also include the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the link between variable compensation and long-term performance
    and measurable criteria;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the relationship between variable and fixed compensation, and
    the ceiling for the value of variable compensation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the conditions under which a director or executive would be
    required to repay compensation paid to him or her if it was later shown that the data upon which such compensation was based
    was inaccurate and was required to be restated in the company&rsquo;s financial statements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the minimum holding or vesting period for variable, equity-based
    compensation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">maximum limits for severance compensation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
compensation policy must also consider appropriate incentives from a long-term perspective and maximum limits for severance compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
compensation committee is responsible for (1) recommending the compensation policy to a company&rsquo;s board of directors for
its approval (and subsequent approval by our shareholders) and (2) duties related to the compensation policy and to the compensation
of a company&rsquo;s office holders as well as functions previously fulfilled by a company&rsquo;s audit committee with respect
to matters related to approval of the terms of engagement of office holders, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">recommending whether a compensation policy should continue in
    effect, if the then-current policy has a term of greater than three years (approval of either a new compensation policy or
    the continuation of an existing compensation policy must in any case occur every three years);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">recommending to the board of directors periodic updates to the
    compensation policy;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">assessing implementation of the compensation policy; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">determining whether the compensation terms of the chief executive
    officer of the company need not be brought to approval of the shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"> Under
the regulations promulgated under the Companies Law, certain exemptions and reliefs with respect to the compensation committee
are granted to companies whose securities are traded outside of Israel. We may use these exemptions and reliefs after the listing
of the ADSs on the NASDAQ Capital Market. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Internal Auditor
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, the board of directors must also appoint an internal auditor nominated and supervised by the audit committee.
Our internal auditor is Mr. Daniel Shapira, who has been serving as our Internal Auditor since March 2006. Mr. Shapira is a Certified
Public Accountant and holds a B.A. degree in Economics and Accounting from Bar-Ilan University, Israel. The role of the internal
auditor is to examine whether a company&rsquo;s actions comply with the law and proper business procedure. Our chairman acts as
the internal auditor&rsquo;s organizational supervisor. The internal auditor will submit his internal auditor&rsquo;s work plan
for the approval of our audit committee. The internal auditor may not be an &ldquo;interested party&rdquo; or office holder, or
a relative of any interested party or office holder, and may not be a member of the company&rsquo;s independent accounting firm
or its representative. The Companies Law defines an interested party as a holder of 5% or more of the shares or voting rights
of a company, any person or entity that has the right to nominate or appoint at least one director or the general manager of the
company or any person who serves as a director or as the general manager of a company. Our internal auditor is not our employee,
but the managing partner of a firm which specializes in internal auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Remuneration
of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, remuneration of directors is subject to the approval of the compensation committee, thereafter by the board
of directors and thereafter by the general meeting of the shareholders. In case the remuneration of the directors is in accordance
with regulation applicable to remuneration of the external directors then such remuneration shall be exempt from the approval
of the general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Insurance </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the Companies Law and our articles of association, a company may obtain insurance for any of its office holders for: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">a breach of his or her duty of care to the company or to another
    person, including a breach arising out of the negligent conduct of the office holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">a breach of his or her duty of loyalty to the company, provided
    that the office holder acted in good faith and had reasonable cause to assume that his or her act would not prejudice the
    company&rsquo;s interests; </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">a financial liability imposed upon him or her in favor of
    another person concerning an act performed by such office holder in his or her capacity as an officer holder;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">any other insurable action in accordance with the Companies
    Law;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">expenses incurred by an office holder relating to an administrative
    enforcement proceeding conducted with respect to such office holder including reasonable litigation expenses and attorneys&rsquo;
    fees; and </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">payments to the party injured by the violation, in accordance with the Securities Law.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
currently have directors&rsquo; and officers&rsquo; liability insurance, providing total coverage of $7,500,000 for the benefit
of all of our directors and officers, in respect of which we paid a twelve-month premium of approximately $20,500, which expires
on May 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
May 31, 2016, our compensation committee and audit committee approved our entering into a professional liability insurance agreement
for officers and directors therein who will serve us from time to time for a period of 1 year commencing on May 31, 2016, and
until May 31, 2017, where the main terms of the contractual engagement are as follows: the yearly premium will not exceed the
sum of $25,000 (allowing an annual increase of 10%), with a liability limit of up to $7,500,000 per event per annum. As required
by the Companies Law, this matter was submitted to a vote, and the framework for future insurance policies transactions was approved
by our shareholders on June 10, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Indemnification
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Companies Law and our articles of association provide that the company may indemnify an office holder against: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">a financial liability imposed on him or her in favor of another
    person by any judgment concerning an act performed in his or her capacity as an office holder, including a settlement or arbitrator&rsquo;s
    award approved by a court; However, if an undertaking to indemnify an office holder with respect to such liability is provided
    in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen
    based on the company&rsquo;s activities when the undertaking to indemnify is given, and to an amount or according to criteria
    determined by the board of directors as reasonable under the circumstances, and such undertaking must detail the abovementioned
    foreseen events and amount or criteria;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in; text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">reasonable litigation expenses, including attorneys&rsquo;
    fees, incurred by the office holder: (i) as a result of an investigation or proceeding instituted against him or her by an
    authority authorized to conduct such investigation or proceeding, provided that (a) no indictment (as defined in the Companies
    Law) was filed against such office holder as a result of such investigation or proceeding; and (b) no financial liability
    as a substitute for the criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such
    investigation or proceeding, or, if such financial liability was imposed, it was imposed with respect to an offense that does
    not require proof of criminal intent; and (ii) in connection with a monetary sanction; </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">reasonable litigation expenses, including attorneys&rsquo; fees,
    expended by the office holder or charged to him or her by a court relating to an act performed in his or her capacity as an
    office holder, in connection with: (1) proceedings that the company institutes, or that another person institutes on the company&rsquo;s
    behalf, against him or her; (2) a criminal charge of which he or she was acquitted; or (3) a criminal charge for which he
    or she was convicted for a criminal offense that does not require proof of criminal thought; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">expenses incurred by an office holder relating to an administrative
    enforcement proceeding conducted with regard to such office holder, including reasonable litigation expenses and including
    attorneys&rsquo; fees; </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">payment to the party injured by the violation; and </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">liability or expense otherwise permitted as an indemnification
    by the Companies Law.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
articles of association allow us to indemnify our office holders up to a certain amount. The Companies Law also permits a company
to undertake in advance to indemnify an office holder, provided that if such indemnification relates to financial liability imposed
on him or her, as described above, then the undertaking should be limited:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to categories of events that the board of directors determines
    are likely to occur in light of the operations of the company at the time that the undertaking to indemnify is made; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">in amount or criterion determined by the board of directors,
    at the time of the giving of such undertaking to indemnify, to be reasonable under the circumstances.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
have entered into indemnification agreements with each of our directors and with certain members of our senior management. Each
such indemnification agreement provides the office holder with indemnification to the fullest extent permitted under applicable
law and up to a certain amount, and including with respect to liabilities resulting from this offering and to the extent that
the directors and officers insurance do not cover these liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Exculpation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, an Israeli company may not exculpate an office holder from liability for a breach of his or her duty of loyalty,
but may exculpate in advance an office holder from his or her liability to the company, in whole or in part, and for damages caused
to the company as a result of a breach of his or her duty of care (other than in relation to distributions), but only if a provision
authorizing such exculpation is included in its articles of association. A company may not exculpate a director from liability
arising out of a prohibited dividend or distribution to shareholders. Our articles of association provide that we may exculpate
any office holder from liability to us to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
have entered into exculpation agreements with each of our current directors and executive officers undertaking to exculpate and
release our office holders from any and all liability to us related to any breach by them of their duty of care to us to the fullest
extent permitted by law and including with respect to liabilities resulting from this offering. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Limitations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Companies Law provides that we may not exculpate or indemnify an office holder nor enter into an insurance contract that would
provide coverage for any liability incurred as a result of any of the following: (1) a breach by the office holder of his or her
duty of loyalty unless (in the case of indemnity or insurance only, but not exculpation) the office holder acted in good faith
and had a reasonable basis to believe that the act would not prejudice us; (2) a breach by the office holder of his or her duty
of care if the breach was carried out intentionally or recklessly (as opposed to merely negligently); (3) any action taken or
omission committed with the intent to derive an illegal personal benefit; or (4) any fine or forfeit levied against the office
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Equity Incentive
Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"><B><I>Israeli Share
Option Plan (2015); Israeli Share Option Plan (2005) </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">In July 2005, we adopted
the Israeli Share Option Plan (2005), or the 2005 Plan, which was in force for a period of 10 years. Upon the expiration of the
2005 Plan, we adopted the Israeli Share Option Plan (2015), or the 2015 Plan. Some of the options previously granted under the
2005 Plan remain outstanding, and new options are granted under the 2015 Plan.</P>

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

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt"> Under the plans, we grant options to purchase
our Ordinary Shares to our officers, employees, consultants and other service providers. As of September 30, 2016, 5,000,000 Ordinary
Shares were reserved for issuance under the plans, of which options to purchase 3,845,279 Ordinary Shares were issued and outstanding
thereunder. Of such outstanding options, options to purchase 1,525,539 Ordinary Shares were vested as of September 30, 2016, with
a weighted average exercise price of NIS 0.83 (approximately $0.22) per share. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The plans were designed
to reflect the provisions of the Israeli Income Tax Ordinance (New Version) 5721-1961, or the Ordinance, mainly Sections 102 and
3(i), which afford certain tax advantages to Israeli employees, officers, and directors who are granted share options in accordance
with its terms. Section 102 of the Ordinance allows employees, directors, and officers, who are not controlling shareholders and
who are Israeli residents, to receive favorable tax treatment for compensation in the form of shares or share options. Section
102 of the Ordinance includes two alternatives for tax treatment involving the issuance of share options or shares to a trustee
for the benefit of the grantees and also includes an additional alternative for the issuance of share options or shares directly
to the grantee. Sections 102(b)(2) and 102(b)(3) of the Ordinance, which provide the most favorable tax treatment for grantees,
permit the issuance to a trustee under the &ldquo;capital gain&rdquo; tax regime. In order to comply with the terms of the &ldquo;capital
gain&rdquo; tax regime, all share options granted under a specific plan and subject to the provisions of Section 102 of the Ordinance,
as well as the shares issued upon exercise of such share options and other shares received following any realization of rights
with respect to such share options, such as share dividends and share splits, must be registered in the name of a trustee selected
by the board of directors and held in trust for the benefit of the relevant employee, director, officer or service provider. The
trustee may not release these share options or shares to the relevant grantee before the second anniversary of the registration
of the share options in the name of the trustee. However, under this regime, our ability to deduct an expense with respect to
the issuance of the share options or shares might be limited. Section 3(i), which permits the issuance of share options under
the &ldquo;income from labor&rdquo; tax regime, does not provide for similar tax benefits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">The 2015 Plan may be
administered by our board of directors either directly or upon the recommendation of a committee appointed by our board of directors.
Our compensation committee recommends to the board of directors, and the board of directors determines or approves the eligible
individuals who receive share options under the 2015 Plan, the number of Ordinary Shares covered by those share options, the terms
under which such share options may be exercised, and other terms and conditions of the share options, all in accordance with the
provisions of the 2015 Plan. Share option holders may not transfer their share options except in the event of death or transfer
in accordance with law and the provisions of the 2015 Plan. Our compensation committee or board of directors may at any time amend
or terminate the 2015 Plan; however, any amendment or termination may not adversely affect any share options or shares granted
under such 2105 Plan prior to such action. The share option exercise price is determined by the board of directors, following
the recommendation of the compensation committee, and specified in each option award agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">Awards under the 2015
Plan may be granted until December, 2025, ten years from December 2015. Share options granted under the 2005 and the 2015 Plans
generally vest over 3 years commencing on the date of grant such that the options shall vest on a quarterly basis in equal portions,
unless otherwise provided in a specific share option grant agreement. Share options, other than certain incentive share options,
that are not exercised within the term set forth under each award agreement shall expire, unless otherwise determined by our board
of directors. Except as otherwise determined by the board of directors or as set forth in an individual&rsquo;s award agreement,
in the event of termination of employment or services for reasons of disability or death, the grantee, or in the case of death
- his or her legal successor, may exercise share options that have vested prior to termination within a period of twenty four
months from the date of disability or death. If we terminate a grantee&rsquo;s employment or service for cause (as this term is
defined under the Plan), all of the grantee&rsquo;s unvested share options will expire on the date of termination, yet share options
which by that date the offeree&rsquo;s eligibility to exercise has already been formed shall remain exercisable. If a grantee&rsquo;s
employment or service is terminated for any other reason other than for cause, the grantee may exercise his or her vested share
options within 90 days of the date of termination, unless otherwise provided in a specific share option grant agreement. In the
event of (i) a sale of all or substantially all of our assets or (ii) our consolidation or merger in which we are not the ongoing
or surviving corporation, then, and unless otherwise determined in the agreement or by the board, we shall be entitled to determine
that all of the outstanding unexercised share options held by or for the benefit of any grantee shall be assumed or substituted
for an appropriate number of share options of the successor company, provided that the aggregate amount of the exercise price
for such share options shall be equal to the aggregate amount of the exercise price of our unexercised share options held by each
grantee at such time.&nbsp;In addition, and unless otherwise determined by our board, upon the occurrence of certain events, as
further described in the plans (among others, a merger transaction (or the like), liquidation and/or dissolution, recapitalization,
rights offering, distribution of bonus shares, dividends and capital reorganization), a grantee&rsquo;s rights to purchase shares
under either of the plans shall be adjusted as provided therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><A NAME="a_013"></A><B>BENEFICIAL
OWNERSHIP OF PRINCIPAL SHAREHOLDERS AND MANAGEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> The
following table sets forth information regarding beneficial ownership of our ordinary shares as of September 27, 2016 by: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">each person, or group of affiliated persons, known to us to
    be the beneficial owner of more than 5% of our outstanding Ordinary Shares;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">each of our directors and executive officers; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><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: 0; text-align: left; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Beneficial
ownership is determined in accordance with the rules of the SEC, and includes voting or investment power with respect to Ordinary
Shares. Ordinary Shares issuable under share options or warrants that are exercisable within 60 days after September 27, 2015
are deemed outstanding for the purpose of computing the percentage ownership of the person holding the options or warrants but
are not deemed outstanding for the purpose of computing the percentage ownership of any other person. Percentage of shares beneficially
owned before this offering is based on 40,998,471 shares outstanding on September 27, 2016. The number of Ordinary Shares deemed
outstanding after this offering includes the Ordinary Shares represented by the ADSs being offered for sale in this offering but
assumes no exercise of the underwriters&rsquo; over-allotment option. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> As of September 27,
2016, there were 3 holders of record of our Ordinary Shares. The number of record holders is not representative of the number
of beneficial holders of our Ordinary Shares, as the shares of most our shareholders who hold Ordinary Shares that are traded
on the TASE are recorded in the name of our Israeli share registrar, Mizrahi-Tefahot Nominees Company Ltd. As of September 27,
2016, there were no record holders of our Ordinary Shares in the United States. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Except as indicated
in footnotes to this table, we believe that the shareholders named in this table have sole voting and investment power with respect
to all Ordinary Shares shown to be beneficially owned by them. Unless otherwise noted below, each beneficial owner&rsquo;s address
is: c/o Therapix Biosciences Ltd., 5 Azrieli Center (Square Tower), 27<SUP>th</SUP> Floor, Tel-Aviv 6702501, Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> No.&nbsp;of&nbsp;Shares<BR>
    Beneficially&nbsp;Owned<BR> Prior&nbsp;to&nbsp;this<BR> Offering </TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"> <B>Percentage</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"> <B>Owned</B><BR>
                                         <B>Before&nbsp;this</B><BR><B> Offering&nbsp;(1)</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"> <B>Percentage&nbsp;</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"> <B>Owned</B><BR>
                                         <B>After&nbsp;this&nbsp;</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"> <B>Offering</B> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"> Holders of more than 5% of our voting securities: </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left"> Ascher Shmulewitz* (2) </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 3,913,080 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 9.4 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> % </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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: left"> Abraham (Avi) Meizler* (3) </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"> 2,217,730 </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"> 5.4 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Jay&rsquo;s Thera Ltd. (4) </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"> 8,504,958 </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"> 20.7 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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: left"><P STYLE="margin: 0"> Jacobo Yisrael Broitman (5) </P>


</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"><P STYLE="margin: 0"> 2,155,931 </P>


</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"><P STYLE="margin: 0"> 5.3 </P>


</TD><TD STYLE="font-size: 10pt; text-align: left"> % </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(204,238,255)">
    <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><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; font-weight: bold; text-align: left"> Directors and executive officers who are not 5% holders: </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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Dr. Elran Haber (6) </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"> 469,735 </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"> 1.1 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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: left"> Mr. Guy Goldin (7) </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"> 91,667 </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"> 0.2 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Mr. Doron Jacob Ben Ami (8) </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"> 33,333 </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"> 0.1 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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: left"> Dr. Adi Zuloff-Shani (9) </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"> 125,000 </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"> 0.3 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Amit Berger </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"> - </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"> - </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: left"> Dr. Yafit Starck </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"> - </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"> - </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(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"> Micha Jesselson </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"> - </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"> - </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: left"> Zohar Heiblum </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"> - </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"> - </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(204,238,255)">
    <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><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; font-weight: bold; text-align: left"> All directors and executive officers as a group (10 persons) </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"> 6,850,544 </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"> 16.2 </TD><TD STYLE="font-size: 10pt; text-align: left"> % </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: 0; text-indent: 28.35pt">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indicates director or officer of the Company. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt"> &nbsp; </TD>
    <TD STYLE="width: 0.3in"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">The percentages shown are based on 40,998,471 Ordinary Shares
    issued and outstanding as of September 27, 2016.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes (i) 669,703 Ordinary Shares and options to purchase
    352,531 Ordinary Shares at an exercise price of NIS 0.79 (approximately, $0.21) per share, held directly by Mr. Shmulewitz,
    (ii) 2,765,846 Ordinary Shares, held by Dekel, which is an Israel company controlled by Mr. Shmulewitz; and (iii) options
    to purchase 125,000 Ordinary Shares at an exercise price of NIS 0.50 (approximately $0.13) per share, held by Medgenesis Partners
    Ltd., which is an Israeli company controlled by Mr. Shmulewitz. Under the Companies Law, any exercise of options, which entitles
    Dr. Shmulewitz to 25% or more of our voting rights, is subject to restrictions and limitations relating to tender offerings
    under the Companies Law. </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt"> &nbsp; </TD>
    <TD STYLE="width: 0.3in"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes (i) 2,192,730 Ordinary Shares</FONT> <FONT STYLE="font-size: 10pt">held
    by Gillbood Trading SA, a Panamanian company controlled by Mr. Meizler, and (ii) options to purchase 25,000 Ordinary
    Shares at an exercise price of NIS 0.50 (approximately, $0.13).</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Jay&rsquo;s Thera Ltd. is a private company which is controlled
    (indirectly) by Mr. Benjamin Jesselson, the father of Micha Jesselson, one of our directors.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> (5) </TD>
    <TD STYLE="text-align: left"><P STYLE="margin: 0"> Includes 1,911,051 Ordinary Shares held by Dorigol 31 Corp, a company
                                 controlled by Mr. Broitman. </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(6)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes (i) options to purchase 166,401 Ordinary Shares
    at an exercise price of NIS 0.99 (approximately $0.26) per share, (ii) options to purchase 70,000 Ordinary Shares at an exercise
    price of NIS 0.50 (approximately $0.13) per share, and (iii) options to purchase 233,333 Ordinary Shares at an exercise price
    of NIS 0.99 (approximately $0.26) per share.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(7)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes (i) options to purchase 66,667 Ordinary Shares at
    an exercise price of NIS 0.99 (approximately $0.26) per share, and (ii) options to purchase 25,000 Ordinary Shares at an exercise
    price of NIS 1.011 (approximately $0.26) per share.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(8)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes options to purchase 33,333 Ordinary Shares at an
    exercise price of NIS 0.99 (approximately $0.26) per share.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(9)</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Includes options to purchase 125,000 Ordinary Shares at an
    exercise price of NIS 1.06 (approximately $0.26) per share. </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><B><I>Changes in
Percentage Ownership by Major Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">There
were no changes in percentage ownership by major shareholders (i.e., of or more than 20% of our issued and outstanding share capital)
except as detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity investment in the Company as of April 3, 2013 by Incumed
    SPV, a company controlled by Dr. Ascher Shmulewitz, and by Gilbood Trading S.A., a company controlled by Mr. Avi Meizler,
    in return of 40,000,000 ordinary shares, constituting approximately 45% of our issued share capital at that time (prior to
    the investment).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Public offering by the Company as of July 18, 2013 of 35,937,500
    Ordinary Shares, constituting approximately 33% of our issued share capital at that time (prior to the offering), which reduced
    the percentages of our major shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in; text-align: left"> <FONT STYLE="font-size: 10pt">-</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Equity investment in the Company as of April 29, 2015 by
    Jesselson Investments Ltd., a company controlled by Mr. Benjamin Jesselson, the father of Micha Jesselson, one of our directors,
    in return for 4,400,000 Ordinary Shares which were later transferred to its subsidiary Jay&rsquo;s Thera Ltd., one of our
    current principal shareholders, constituting approximately 20% of our issued share capital at that time<I> </I>(prior to the
    investment), which reduced the percentages of our major shareholders.</FONT> </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_014"></A><B>RELATED
PARTY TRANSACTIONS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Employment Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> We
have entered into written employment agreements with each of our executive officers. All of these agreements contain customary
provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability
of the noncompetition provisions may be limited under applicable law. In addition, we have entered into agreements with each executive
officer and director pursuant to which we have agreed to indemnify each of them up to a certain amount and to the extent that
these liabilities are not covered by directors and officers insurance. Members of our senior management are eligible for bonuses
each year. The bonuses are payable upon meeting objectives and targets that are set by our chief executive officer and approved
annually by our Board of Directors that also set the bonus targets for our chief executive officer. See &ldquo;Management&mdash;Employment
and Service Agreements with Executive Officers&rdquo; and see the descriptions of exculpation and indemnification agreements and
directors and officers insurance arrangements in &ldquo;Management&mdash; &ldquo;Insurance,&rdquo; &ldquo;Indemnification&rdquo;
and &ldquo;Exculpation&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Since
our inception, we have granted options to purchase our Ordinary Shares to our officers and certain of our directors. Such option
agreements may contain acceleration provisions upon certain merger, acquisition, or change of control transactions. We describe
our option plans under &ldquo;Management&mdash;Equity Incentive Plan.&rdquo; If the relationship between us and an executive officer
or a director is terminated, except for cause (as defined in the various option plan agreements), options that are vested will
generally remain exercisable for 90 days after such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Dekel License Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> On June 10, 2015,
we entered into a license agreement with Dekel, an Israeli private company controlled by Dr. Ascher Shmulewitz, the chairman of
our Board of Directors, under which we were granted an irrevocable, worldwide, exclusive, royalty-free license to certain of Dekel&rsquo;s
technology. See &ldquo;Business&mdash;Intellectual Property&rdquo; for additional information. Pursuant to the license agreement,
we granted options to purchase 3,876,000 of our Ordinary Shares at an exercise price per share of NIS 0.50 and additional options
to purchase 11,926,154 of our Ordinary Shares at an exercise price per share of NIS 0.65. Dekel subsequently transferred options
to purchase 3,352,458 Ordinary Shares to Jay&rsquo;s Thera Ltd., one of our major shareholders. As of the date hereof, Jay&rsquo;s
Thera has exercised all of the options for aggregate consideration of NIS 1,923,000. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
May 2016, we issued Dekel 200,000 Ordinary Shares in consideration of an NIS 100,000 royalty payment due under the license agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Private Placement
of Ordinary Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> On
February 19, 2013, April 3, 2013, and April 11, 2013, we issued to Incumed SPV, a company controlled by Dr. Ascher Shmulewitz,
and to Gilbood Trading S.A., a company controlled by Mr. Avi Meizler, an aggregate of 4,000,000 Ordinary Shares, at a price per
share of NIS 1.00 (approximately $0.27), totaling NIS 4 million (approximately $1,086,000). </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">On August 26, 2013,
we issued to Amira B.V., a private company in control of our then chief executive officer, Mr. Ari Aminetzah, options to purchase
150,000 Ordinary Shares at an exercise price of NIS 1.00 (approximately $0.28) per share. These warrants expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
December 25, 2013, we issued to Acebright Holdings Ltd. 1,050,750 Ordinary Shares, at a price per share of NIS 1.55 (approximately
$0.44), together with warrants to purchase an aggregate of 1,850,000 Ordinary Shares at an exercise price of NIS 1.55 (approximately
$0.44) per share. The net proceeds were approximately NIS 1.6 million (approximately $460,000). The warrants expired unexercised.
Following the foregoing issuance, Acebright Holdings Ltd. became a holder of approximately 7.5% of our issued and outstanding
share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> On April 29, 2015,
we issued to Jesselson Investments Ltd., an Israeli company controlled by Benjamin Jesselson who is the father of our director
Micha Jesselson, 4,400,000 Ordinary Shares, at a price per share of NIS 0.50 (approximately $0.12). As part of this transaction,
Jesselson Investments Ltd. is entitled to indemnification in case of breach or falsity of any representation or warranty by us
contained in the purchase agreement; and/or any fine or monetary sanction imposed on us by the ISA in connection with the administrative
proceedings conducted by the ISA.<I> See &ldquo;Business- Legal Proceedings</I>&rdquo;. The indemnification is capped at the lesser
of the amount actually invested by the Jesselson Investments Ltd. or the loss as may be finally determined by competent court
as a result of a claim filed by Jesselson Investments Ltd. in connection with such liability. Furthermore, we would only be liable
in the event that any claims asserted against us regarding misrepresentation are brought before April 29, 2017 and exceed a sum
of $50,000, and/or claims in connection with a monetary sanction pursuant to administrative proceedings are brought before April
29, 2020 and exceed a sum of $20,000. </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
June 2015, we issued to Universal Link Ltd., a private company in control of our then director, Mr. Ahmad Alimi, 500,000 Ordinary
Shares pursuant to the exercise of warrants at a price per share of NIS 0.50 (approximately $0.13), and between October and December
2015 we issued to Mr. Alimi an additional 500,000 Ordinary Shares pursuant to the exercise of warrants at a price per share of
NIS 0.65 (approximately $0.16). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> In
November 2015, as part of a private placement to several investors, we issued Jay&rsquo;s Thera Ltd. 752,500 Ordinary Shares,
at a price per share of NIS 1.05 (approximately $0.27).&nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_015"></A><B>DESCRIPTION
OF SHARE CAPITAL </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> As
of September 30, 2016, our authorized share capital consisted of 100,000,000 Ordinary Shares, NIS 0.1 par value per share, of which
40,998,471 shares were issued and outstanding as of such date. All of our outstanding Ordinary Shares have been validly issued,
are fully paid and non-assessable. Our Ordinary Shares are not redeemable and are not subject to any preemptive right. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> On
January 12, 2014, we effected a reverse split of our share capital, in which every ten (10) Ordinary Shares were converted to
one (1) ordinary share. The description of our share capital herein reflects such reverse split. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> In the last three
years, we have issued an aggregate of approximately 27.9 million Ordinary Shares in several private placements, options exercises
and public offerings for aggregate net proceeds of NIS 18.3 (approximately $4.9 million). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> In
addition to Ordinary Shares, in the last three years, we have issued warrants to purchase an aggregate of 12,481,084 Ordinary
Shares with exercise prices ranging from NIS .50 (approximately $0.13) to NIS 1.90 (approximately $0.53) per share, out of which
41,666 warrants were exercised and 570,204 have expired. In addition, we have granted options to purchase an aggregate of 3,949,278
Ordinary Shares with exercise prices ranging from NIS 0.50 (approximately $0.13) to NIS 1.064 (approximately $0.28) per share,
none of which have been exercised or have expired. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
registration number with the Israeli Registrar of Companies is 51-358165-2.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Purposes and
Objects of the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
purpose is set forth in Section 2 of our articles of association and includes every lawful purpose.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>The Powers
of the Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
Board of Directors shall direct our policy and shall supervise the performance of our chief executive officer and his actions.
Pursuant to the Companies Law and our articles of association, our Board of Directors may exercise all powers and take all actions
that are not required under the Companies Law or our articles of association to be exercised or taken by&nbsp;our shareholders,
including the power to borrow money for Company purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Rights Attached
to Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
Ordinary Shares shall confer upon the holders thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 93%; text-align: left"><FONT STYLE="font-size: 10pt">equal right to attend and to vote at all of our
    general meetings, whether regular or special, with each Ordinary Share entitling the holder thereof, which attend the meeting
    and participate at the voting, either in person or by a proxy or by a written ballot, to one vote;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 93%; text-align: left"><FONT STYLE="font-size: 10pt">equal right to participate in distribution of dividends,
    if any, whether payable in cash or in bonus shares, in distribution of assets or in any other distribution, on a per share
    pro rata basis; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 93%; text-align: left"><FONT STYLE="font-size: 10pt">equal right to participate, upon our dissolution,
    in the distribution of our assets legally available for distribution, on a per share pro rata basis.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">All
Ordinary Shares have identical voting and other rights in all respects. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Dividend and
Liquidation Rights and Bonus Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
may declare a dividend to be paid to the holders of our Ordinary Shares in proportion to their respective shareholdings. Under
the Companies Law, dividend distributions are determined by the Board of Directors and do not require the approval of the shareholders
of a company unless the company&rsquo;s articles of association provide otherwise. Our articles of association do not require
shareholder approval of a dividend distribution and/or issuance of bonus shares and provide that our Board of Directors may, on
its sole discretion, determine dividend distributions and/or issuance of bonus shares. We have never declared or paid any cash
dividends and do not presently plan to pay cash dividends in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Pursuant
to the Companies Law, the distribution amount is limited to the greater of retained earnings or earnings generated over the previous
two years, according to our then last reviewed or audited financial statements, provided that the date of the financial statements
is not more than six months prior to the date of the distribution, or we may otherwise distribute dividends that do not meet such
criteria only with court approval. In each case, we are only permitted to distribute a dividend if our Board of Directors and
the court, if applicable, determines that there is no reasonable concern that payment of the dividend will prevent us from satisfying
our existing and foreseeable obligations as they become due. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of
our Ordinary Shares in proportion to their shareholdings. This right, as well as the right to receive dividends, may be affected
by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that
may be authorized in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">There
are currently no Israeli currency control restrictions on remittances of dividends on our Ordinary Shares, proceeds from the sale
of the shares or interest or other payments to non-residents of Israel, except for shareholders who are subjects of countries
that are, or have been, in a state of war with Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Access to Corporate
Records</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Under
the Companies Law, shareholders are provided access to: minutes of our general meetings; our shareholders register and principal
shareholders register, articles of association and financial statements; and any document that we are required by law to file
publicly with the Israeli Companies Registrar or the ISA. In addition, shareholders may request to be provided with any document
related to an action or transaction requiring shareholder approval under the related party transaction provisions of the Companies
Law. We may deny this request if we believe it has not been made in good faith or if such denial is necessary to protect our interest
or protect a trade secret or patent. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Transfer of
Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
fully paid Ordinary Shares are issued in registered form and may be freely transferred under our articles of association, unless
the transfer is restricted or prohibited by another instrument, applicable law, or the rules of a stock exchange on which the
shares are listed for trade. The ownership or voting of our Ordinary Shares by non-residents of Israel is not restricted in any
way by our articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that
are, or have been, in a state of war with Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Election of
Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
Ordinary Shares do not have cumulative voting rights for the election of directors. As a result, the holders of a majority of
the voting power represented at a shareholders meeting have the power to elect all of our directors, subject to the special approval
requirements for external directors described under &ldquo;Management&nbsp;&mdash;&nbsp;External Directors.&rdquo; Pursuant to
our articles of association, our directors are elected at an annual general meeting and/or a special meeting of our shareholders
and serve on the Board of Directors until the next annual general meeting (except for external directors) or until they resign
or until they cease to act as board members pursuant to the provisions of our articles of association or any applicable law, upon
the earlier. Pursuant to our articles of association, other than the external directors, for whom special election requirements
apply under the Companies Law, the vote required to appoint a director is a simple majority vote of holders of our voting shares,
participating and voting at the relevant meeting. A director whose tenure has ended may be reelected. In addition, our articles
of association allow our Board of Directors to appoint directors to fill vacancies or as an addition to the Board of Directors
(subject to the maximum number of directors) to serve until the next annual general meeting or earlier if required by our articles
of association or applicable law, upon the earlier. External directors are elected for an initial term of three years and may
be removed from office pursuant to the terms of the Companies Law. See &ldquo;Management&mdash;Board Practices&mdash;External
Directors.&rdquo;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Annual and
Special Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Companies Law, we are required to hold an annual general meeting of our shareholders once every calendar year, at such time
and place which shall be determined by our Board of Directors, that must be no later than 15 months after the date of the previous
annual general meeting. All meetings other than the annual general meeting of shareholders are referred to as special general
meetings. Our Board of Directors may call special meetings whenever it sees fit, at such time and place, within or outside of
Israel, as it may determine, and upon the written request of: (a) any two of our directors or such number of directors equal to
one quarter of the directors present at such a meeting; and/or (b) one or more shareholders holding, in the aggregate, either
(a) 5% or more of our outstanding issued shares and 1% of our outstanding voting power or (b) 5% of our outstanding voting power.
One or more shareholders, holding 1% or more of the outstanding voting power, may ask the board to add an item to the agenda of
a prospective meeting, if the proposal merits discussion at the general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Subject
to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote
at general meetings are the shareholders of record on a date to be decided by the board of directors, which may be between four
and 40 days prior to the date of the meeting. Furthermore, the Companies Law requires that resolutions regarding the following
matters must be passed at a general meeting of our shareholders: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">amendments to our articles of association;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the exercise of our Board of Director&rsquo;s powers if our
    Board of Directors is unable to exercise its powers and the exercise of any of its powers is required for our proper management;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">appointment or termination of our auditors;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">appointment of directors, including external directors;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">approval of acts and transactions requiring general meeting approval (namely certain related
    party transactions) pursuant to the provisions of the Companies Law and any other applicable law;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">increases or reductions of our authorized share capital; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a merger (as such term is defined in the Companies Law).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Notices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Companies Law requires that a notice of any annual or special shareholders meeting be provided at least 21 days prior to the meeting,
and if the agenda of the meeting includes certain matters prescribed under the Companies Law and the regulations promulgated thereafter,
among others, the appointment or removal of directors, the approval of transactions with office holders or interested or related
parties, or an approval of a merger, notice must be provided at least 35 days prior to the publications of such meeting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
our articles of association, shareholders are not permitted to take action via written consent in lieu of a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Quorum</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt">As
permitted under the Companies Law, and our articles of association, the quorum required for our general meetings consists of at
least three shareholders present in person, by proxy or written ballot, who hold or represent between them at least thirty percent
of the total outstanding voting rights (instead of 33&nbsp;1/3% of the issued share capital required under the NASDAQ Listing
Rules). If within half an hour of the time appointed for the general meeting a quorum is not present, the general meeting shall
stand adjourned the same day of the following week, at the same hour and in the same place, or to such other date, time and place
as prescribed in the notice to the shareholders and in such adjourned meeting,</FONT> <FONT STYLE="font-size: 10pt">if no quorum
is present within half an hour of the time arranged, any number of shareholders participating in the meeting, shall constitute
a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
a general meeting was summoned following the request of a shareholder, then a quorum required in an adjourned general meeting,
shall consist of at least one or more shareholders, which holds and represents at least 5% of the company's issued and outstanding
share capital and at least 1% of the company voting rights, or one or more shareholder, which holds at least 5% of the Company&rsquo;s
voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Adoption of
Resolutions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Our
articles of association provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required
under the Companies Law or our articles of association. A shareholder may vote in a general meeting in person, by proxy or by
a written ballot. Under the Companies Law, each of (i) the approval of an extraordinary transaction with a controlling shareholder,
(ii) the terms of employment or other engagement of the controlling shareholder of the company or such controlling shareholder&rsquo;s
relative (even if not extraordinary) requires, the approval described above under &ldquo;Management&nbsp;&mdash;&nbsp;Approval
of Related Party Transactions Under Israeli Law&nbsp;&mdash;&nbsp;Disclosure of Personal Interests of Controlling Shareholders,&rdquo;
and (iii) the approval of certain compensation-related matters require the approval described above under &ldquo;-Board Committees-Compensation
Committee.&rdquo; Under our articles of association, the alteration of the rights, privileges, preferences, or obligations of
any class of our shares requires a simple majority vote of the class so affected (or such other percentage of the relevant class
that may be set forth in the governing documents relevant to such class), in addition to the ordinary majority vote of all classes
of shares voting together as a single class at a shareholder meeting. An exception to the simple majority vote requirement is
a resolution for the voluntary winding up, or an approval of a scheme of arrangement or reorganization, of the company pursuant
to Section 350 of the Companies Law, which requires the approval of holders of 75% of the voting rights represented at the meeting,
in person, by proxy, or by voting deed and voting on the resolution. In addition, the general meeting of our shareholders can
decide to alter our articles of association, which decision requires - in addition to any other majority requirement - the approval
of at least three shareholders who hold between them more than thirty-eight percent (38%) of the total outstanding voting rights,
in the meeting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Changing Rights
Attached to Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Unless
otherwise provided by the terms of the shares and subject to any applicable law, in order to change the rights attached to any
class of shares, such change must be adopted at a general meeting of the affected class or by a written consent of all the shareholders
of the affected class. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
enlargement of an existing class of shares or the issuance of additional shares thereof, shall not be deemed to modify the rights
attached to the previously issued shares of such class or of any other class, unless otherwise provided by the terms of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Registration Rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">None of our shareholders
is entitled to registration rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Provisions Restricting Change in
Control of Our Company - Acquisitions under Israeli Law</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Merger</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Companies Law includes provisions that allow a merger transaction and requires that each company that is a party to the merger
have the transaction approved by its board of directors and a vote of the majority of its shares (unless certain requirements
described under the Companies Law are met) and, in the case of the target company, a majority vote of each class of its shares,
voted on the proposed merger at a shareholders meeting.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
purposes of the shareholder vote of each party, unless a court rules otherwise, the merger will not be deemed approved if shares
representing a majority of the voting power present at the shareholders meeting and which are not held by the other party to the
merger (or by any person who holds 25% or more of the voting power or the right to appoint 25% or more of the directors of the
other party) vote against the merger.&nbsp;&nbsp;If, however, the merger involves a merger with a company&rsquo;s own controlling
shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the
same special majority approval that governs all extraordinary transactions with controlling shareholders (as described under &ldquo;Management&nbsp;&mdash;&nbsp;Approval
of Related Party Transactions Under Israeli Law&nbsp;&mdash;&nbsp;Disclosure of Personal Interests of a Controlling Shareholder&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
the transaction would have been approved by the shareholders of a merging company but for the separate approval of each class
or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request
of holders of at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking
into account the value of the parties to the merger and the consideration offered to the shareholders of the target company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Upon
the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that
there exists a reasonable concern that as a result of the merger the surviving company will be unable to satisfy the obligations
of any of the parties to the merger and may further give instructions to secure the rights of creditors.&nbsp;&nbsp;In addition,
a merger may not be completed unless at least (1) 50 days have passed from the time that the requisite proposals for approval
of the merger were filed with the Israeli Registrar of Companies by each merging company and (2) 30 days have passed since the
merger was approved by the shareholders of each merging company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Special
Tender Offer</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Companies Law also provides that an acquisition of shares in a public company must be made by means of a special tender offer
if as a result of the acquisition (i) the purchaser would become a 25% or greater shareholder of the company, unless there is
already another 25% or greater shareholder of the company or (2) the purchaser would become a more than 45% shareholder of the
company, unless there is already a shareholder holding more than 45% of the company, subject to certain exceptions. These requirements
do not apply if, in general, the acquisition (i) was made in a private placement that received shareholder approval, (ii) was
from a 25% or greater shareholder of the company which resulted in the acquirer becoming a 25% or greater shareholder of the company,
or (iii) was from a 45% or greater shareholder of the company which resulted in the acquirer becoming a 45% or greater shareholder
of the company. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> A
special tender offer must be extended to all shareholders, but the offeror is not required to purchase more than 5% of the company&rsquo;s
outstanding shares, regardless of how many shares are tendered by shareholders.&nbsp;&nbsp;In general, the tender offer may be
consummated only if (i) at least 5% of the company&rsquo;s outstanding shares will be acquired by the offeror and (ii) the number
of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding the purchaser, controlling
shareholders, holders of 25% or more of the voting rights in the company or any person having a personal interest in the acceptance
of the tender offer). If a special tender offer is accepted, then the purchaser or any person or entity controlling it or under
common control with the purchaser or such controlling person or entity may not make a subsequent tender offer for the purchase
of shares of the target company and may not enter into a merger with the target company for a period of one year from the date
of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special
tender offer. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Full Tender
Offer</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.1pt">A
person wishing to acquire shares of an Israeli public company and who would as a result hold over 90% of the target company&rsquo;s
issued and outstanding share capital is required by the Companies Law to make a tender offer to all of the company&rsquo;s shareholders
for the purchase of all of the issued and outstanding shares of the company. A person wishing to acquire shares of a public Israeli
company and who would as a result hold over 90% of the issued and outstanding share capital of a certain class of shares is required
to make a tender offer to all of the shareholders who hold shares of the relevant class for the purchase of all of the issued
and outstanding shares of that class. If the shareholders who do not accept the offer hold less than 5% of the issued and outstanding
share capital of the company or of the applicable class, and more than half of the shareholders who do not have a personal interest
in the offer accept the offer, all of the shares that the acquirer offered to purchase will be transferred to the acquirer by
operation of law</FONT>. However, a tender offer will also be accepted if the shareholders who do not accept the offer hold less
than 2% of the issued and outstanding share capital of the company or of the applicable class of shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Upon
a successful completion of such a full tender offer, any shareholder that was an offeree in such tender offer, whether such shareholder
accepted the tender offer or not, may, within six months from the date of acceptance of the tender offer, petition an Israeli
court to determine whether the tender offer was for less than fair value and that the fair value should be paid as determined
by the court. However, under certain conditions, the offeror may include in the terms of the tender offer that an offeree who
accepted the offer will not be entitled to petition the Israeli court as described above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> If
a tender offer is not accepted in accordance with the requirements set forth above, the acquirer may not acquire shares from shareholders
who accepted the tender offer that will increase its holdings to more than 90% of the company&rsquo;s issued and outstanding share
capital or of the applicable class. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Anti-Takeover
Provisions under Israeli Law</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> For
as long as our securities are traded on the TASE, the Securities Law does not allow us, to create and issue shares having rights
different from those attached to our Ordinary Shares, including shares providing certain preferred rights with respect to voting,
distributions, or other matters and shares having preemptive rights. The authorization and designation of a class of preferred
shares will require an amendment to our articles of association, which requires the prior approval of the holders of a majority
of the voting power attaching to our issued and outstanding shares at a general meeting. The convening of the meeting, the shareholders
entitled to participate and the majority vote required to be obtained at such a meeting will be subject to the requirements set
forth in the Companies Law as described above in &ldquo;Description of Share Capital&rdquo; and &ldquo;Management.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Lastly,
Israeli tax law treats some acquisitions, such as stock-for-stock exchanges between an Israeli company and a foreign company,
less favorably than U.S. tax laws. For example, Israeli tax law may, under certain circumstances, subject a shareholder who exchanges
his Ordinary Shares for shares in another corporation to taxation prior to the sale of the shares received in such stock-for-stock
swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Changes in
Our Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our
articles of association enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the
Companies Law and must be approved by a resolution duly passed by our shareholders at a general meeting. In addition, transactions
that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient retained
earnings or profits, require the approval of both our Board of Directors and an Israeli court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
general meeting may, by a simple majority vote of the shareholders attending the general meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">increase our registered share capital by the creation of new
    shares from the existing class or a new class, as determined by the general meeting;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">cancel any registered share capital which have not been taken
    or agreed to be taken by any person;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">consolidate and divide all or any of our share capital into
    shares of larger nominal value than our existing shares;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">subdivide our existing shares or any of them, our share capital
    or any of it, into shares of smaller nominal value than is fixed;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in; text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">reduce our share capital subject to approval required by
    the Companies Law; and</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in; text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">modify, cancel, convert, extend, add to or otherwise modify
    the rights, privileges, advantages, limitations and instructions related or unrelated to the Company&rsquo;s shares at the
    time.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_016"></A><B>DESCRIPTION</B>&nbsp;<B>OF</B>&nbsp;<B>AMERICAN
DEPOSITARY SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Bank of New York Mellon, as depositary, will register and deliver ADSs. Each ADS will represent&nbsp;20 Ordinary Shares (or a
right to receive 20 Ordinary Shares) deposited with Mizrahi-Tefahot Nominees Company Ltd., as custodian for the depositary in
Tel Aviv. Each ADS will also represent any other securities, cash or other property which may be held by the depositary.&nbsp;&nbsp;The
depositary&rsquo;s office at which the ADSs will be administered is located at 101 Barclay Street, New York, New York 10286. The
Bank of New York Mellon&rsquo;s principal executive office is located at 225 Liberty Street, New York, New York 10286.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">You
may hold ADSs either (A) directly (1) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate
evidencing a specific number of ADSs, registered in your name, or (2) by having uncertificated ADSs registered in your name, or
(B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or
indirect participant in The Depository Trust Company, or DTC.&nbsp;&nbsp;If you hold ADSs directly, you are a registered ADS holder,
also referred to as an ADS holder. This description assumes you are an ADS holder.&nbsp;&nbsp;If you hold the ADSs indirectly,
you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in
this section.&nbsp;&nbsp;You should consult with your broker or financial institution to find out what those procedures are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Registered
holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights.&nbsp;&nbsp;Israeli law
governs shareholder rights.&nbsp;The depositary will be the holder of the shares underlying your ADSs.&nbsp;As a registered holder
of ADSs, you will have ADS holder rights.&nbsp;&nbsp;A deposit agreement among us, the depositary, ADS holders and all other persons
indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary.&nbsp;New
York law governs the deposit agreement and the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
following is a summary of the material provisions of the deposit agreement.&nbsp;For more complete information, you should read
the entire deposit agreement and the form of ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Dividends and
Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How will you
receive dividends and other distributions on the shares?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives
on shares or other deposited securities, upon payment or deduction of its fees and expenses.&nbsp;You will receive these distributions
in proportion to the number of shares your ADSs represent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Cash</I>.&nbsp;&nbsp;The
depositary will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on
a reasonable basis and can transfer the U.S. dollars to the United States.&nbsp;If that is not possible or if any government approval
is needed and can not be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those
ADS holders to whom it is possible to do so.&nbsp;&nbsp;It will hold the foreign currency it cannot convert for the account of
the ADS holders who have not been paid.&nbsp;It will not invest the foreign currency and it will not be liable for any interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Before
making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted.&nbsp;See &ldquo;Taxation&rdquo;.&nbsp;It
will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent.&nbsp;If the exchange
rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of
the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Shares</I>.&nbsp;&nbsp;The
depositary may distribute additional ADSs representing any shares we distribute as a dividend or free distribution.&nbsp;The depositary
will only distribute whole ADSs.&nbsp;It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing
those shares) and distribute the net proceeds in the same way as it does with cash.&nbsp;If the depositary does not distribute
additional ADSs, the outstanding ADSs will also represent the new shares.&nbsp;&nbsp;The depositary may sell a portion of the
distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Rights
to purchase additional shares</I>.&nbsp;&nbsp;If we offer holders of our securities any rights to subscribe for additional shares
or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS
holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment
of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse.&nbsp;<I>In
that case, you will receive no value for them.</I>&nbsp;The depositary will exercise or distribute rights only if we ask it to
and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will
purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing
the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities
laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights
to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Other
Distributions</I>.&nbsp;&nbsp;The depositary will send to ADS holders anything else we distribute on deposited securities by any
means it thinks is legal, fair and practical.&nbsp;If it cannot make the distribution in that way, the depositary has a choice.&nbsp;It
may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash.&nbsp;Or, it may
decide to hold what we distributed, in which case ADSs will also represent the newly distributed property.&nbsp;However, the depositary
is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us
that it is legal to make that distribution.&nbsp;The depositary may sell a portion of the distributed securities or property sufficient
to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary
to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders.&nbsp;We
have no obligation to register ADSs, shares, rights or other securities under the Securities Act.&nbsp;We also have no obligation
to&nbsp;take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders.&nbsp;<I>This
means that you may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for
us to make them available to you.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Deposit, Withdrawal
and Cancellation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How are ADSs
issued?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary will deliver ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian.&nbsp;&nbsp;Upon
payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary
will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person
or persons that made the deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How can ADS
holders withdraw the deposited securities?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">You
may surrender your ADSs for the purpose of withdrawal at the depositary&rsquo;s office.&nbsp;Upon payment of its fees and expenses
and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the shares and any
other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian.&nbsp;Or,
at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. The depositary
may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How do ADS
holders interchange between certificated ADSs and uncertificated ADSs?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">You
may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel
that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated
ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange
of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those
ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How do you
vote?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">ADS
holders may instruct the depositary how to vote the number of deposited shares their ADSs represent. If we request the depositary
to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders&rsquo;
meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain
how ADS holders may instruct the depositary how to vote. For instructions to be valid, they much reach the depositary by a date
set by the depositary. The depositary will try, as far as practical, subject to the laws of Israel and the provisions of our articles
of association or similar documents, to vote or to have its agents vote the shares or other deposited securities as instructed
by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions,
and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>Except
by instructing the depositary as described above, you won&rsquo;t be able to exercise voting rights unless you surrender your
ADSs and withdraw the shares. However, you may not know about the meeting enough in advance to withdraw the shares.</I>&nbsp;In
any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to
vote as instructed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
can not assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your
shares.&nbsp;In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for
the manner of carrying out voting instructions.&nbsp;&nbsp;<I>This means that you may not be able to exercise voting rights and&nbsp;there
may be nothing you can do if your shares are not voted as you requested.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to deposited
securities, if we request the depositary to act, we agree to give the depositary notice of any such meeting and details concerning
the matters to be voted upon at least 30 days in advance of the meeting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><B>Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Persons depositing or withdrawing shares or
    ADS holders must pay</I>:</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>For:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$5.00 (or less) per 100 ADSs (or portion of 100 ADSs).</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Issuance of ADSs, including issuances
        resulting from a distribution of shares or rights or other property.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Cancellation of ADSs for the purpose
        of withdrawal, including if the deposit agreement terminates.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$.05 (or less) per ADS.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Any cash distribution to ADS holders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">A fee equivalent to the fee that would
        be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Distribution of securities distributed to holders of deposited
    securities (including rights) that are distributed by the depositary to ADS holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$.05 (or less) per ADS per calendar year.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Depositary services.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Registration or transfer fees.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Transfer and registration of shares
        on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Expenses of the depositary.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Cable, telex and facsimile transmissions
        (when expressly provided in the deposit agreement).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Converting foreign currency to U.S.
        dollars.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Taxes and other governmental charges
        the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp
        duty or withholding taxes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">As necessary.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Any charges incurred by the depositary or its agents for servicing
    the deposited securities.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">As necessary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs
for the purpose of withdrawal or from intermediaries acting for them.&nbsp;The depositary collects fees for making distributions
to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the
fees.&nbsp;&nbsp;The depositary may collect its annual fee for depositary services by deduction from cash distributions or by
directly billing investors or by charging the book-entry system accounts of participants acting for them.&nbsp;The depositary
may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property
distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting
services until its fees for those services are paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment
and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from
the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers,
foreign currency or other service providers that are owned by or affiliated with the depositary and that may earn or share fees,
spreads or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between
the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its
affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the
exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject
to the depositary&rsquo;s obligations under the deposit agreement. The methodology used to determine exchange rates used in currency
conversions is available upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Payment of Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">You
will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented
by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities
represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities
represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited
securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send
to ADS holders any property, remaining after it has paid the taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Tender and Exchange
Offers; Redemption, Replacement or Cancellation of Deposited Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do by an ADS holder
surrendering ADSs and subject to any conditions or procedures the depositary may establish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities,
the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders
of called ADSs upon surrender of those ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
there is any change in the deposited securities such as a subdivision, combination or other reclassification, or any merger, consolidation,
recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities
in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited
securities under the deposit agreement. However, if the depositary decides it would not be lawful and to hold the replacement
securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead
sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary
may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for
new ADRs identifying the new deposited securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities
underlying ADSs have become apparently worthless, the depositary may call for surrender or of those ADSs or cancel those ADSs
upon notice to the ADS holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Amendment and
Termination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How may the
deposit agreement be amended?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason.&nbsp;&nbsp;If an
amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for
registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will
not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment.&nbsp;&nbsp;<I>At
the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to
be bound by the ADRs and the deposit agreement as amended.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>How may the
deposit agreement be terminated?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination
of the deposit agreement if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">60 days have passed since the depositary told us it wants to
    resign but a successor depositary has not been appointed and accepted its appointment;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we delist our shares from an exchange on which they were listed
    and do not list the shares on another exchange;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">we appear to be insolvent or enter insolvency proceedings;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">all or substantially all the value of the deposited securities
    has been distributed either in cash or in the form of securities;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">there are no deposited securities underlying the ADSs or the
    underlying deposited securities have become apparently worthless; or</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">there has been a replacement of deposited securities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At
any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the
money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability
for interest, for the&nbsp;pro&nbsp;rata&nbsp;benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary
will sell as soon as practicable after the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">After
the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited
securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities if
it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale
proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited
securities,&nbsp;but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute
any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any
notices or perform any other duties under the deposit agreement except as described in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">After
termination, the depositary and its agents will do the following under the deposit agreement but nothing else: collect distributions
on the deposited securities, sell rights and other property, and deliver shares and other deposited securities upon cancellation
of ADSs.&nbsp;Four months after termination, the depositary may sell any remaining deposited securities by public or private sale.&nbsp;After
that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement
for the pro rata benefit of the ADS holders that have not surrendered their ADSs.&nbsp;It will not invest the money and has no
liability for interest.&nbsp;The depositary&rsquo;s only obligations will be to account for the money and other cash.&nbsp;After
termination our only obligations will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed
to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Limitations on
Obligations and Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Limits on our
Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
deposit agreement expressly limits our obligations and the obligations of the depositary.&nbsp;It also limits our liability and
the liability of the depositary.&nbsp;&nbsp;We and the depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">are only obligated to take the actions specifically set forth
    in the deposit agreement without negligence or bad faith;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">are not liable if we are or it is prevented or delayed by law
    or circumstances beyond our control from performing our or its obligations under the deposit agreement;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">are not liable if we or it exercises discretion permitted under
    the deposit agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">are not liable for the inability of any holder of ADSs to benefit
    from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit
    agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">have no obligation to become involved in a lawsuit or other
    proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">are not liable for the acts or omissions of any securities depository,
    clearing agency or settlement system; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">may rely upon any documents we believe or it believes in good
    faith to be genuine and to have been signed or presented by the proper person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Requirements for
Depositary Actions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Before
the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary
may require:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">payment of stock transfer or other taxes or other governmental
    charges and transfer or registration fees charged by third parties for the transfer of any shares or other deposited securities;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">satisfactory proof of the identity and genuineness of any signature
    or other information it deems necessary; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">compliance with regulations it may establish, from time to time,
    consistent with the deposit agreement, including presentation of transfer documents.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer
books are closed or at any time if the depositary or we think it advisable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Your Right to
Receive the Shares Underlying your ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">ADS
holders have the right to cancel their ADSs and withdraw the underlying shares at any time except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">when temporary delays arise because: (1) the depositary has
    closed its transfer books or we have closed our transfer books; (2) the transfer of shares is blocked to permit voting at
    a shareholders' meeting; or (3) we are paying a dividend on our shares;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">when you owe money to pay fees, taxes and similar charges; or</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">when it is necessary to prohibit withdrawals in order to comply
    with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">This right of withdrawal may not be limited by any
    other provision of the deposit agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Pre-release of
ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
deposit agreement permits the depositary to deliver ADSs before deposit of the underlying shares.&nbsp;This is called a pre-release
of the ADSs.&nbsp;The depositary may also deliver shares upon cancellation of pre-released ADSs (even if the ADSs are canceled
before the pre-release transaction has been closed out).&nbsp;A pre-release is closed out as soon as the underlying shares are
delivered to the depositary.&nbsp;The depositary may receive ADSs instead of shares to close out a pre-release.&nbsp;The depositary
may pre-release ADSs only under the following conditions:&nbsp;(1) before or at the time of the pre-release, the person to whom
the pre-release is being made represents to the depositary in writing that it or its customer owns the shares or ADSs to be deposited;
(2) the pre-release is fully collateralized with cash or other collateral that the depositary considers appropriate; and (3) the
depositary must be able to close out the pre-release on not more than five&nbsp;&nbsp;business days' notice.&nbsp;In addition,
the depositary will limit the number of ADSs that may be outstanding at any time as a result of pre-release, although the depositary
may disregard the limit from time to time, if it thinks it is appropriate to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Direct Registration
System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to
as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs.&nbsp;DRS is a system administered
by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in
ADSs through DTC and a DTC participant.&nbsp;Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf
of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee
and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization
from the ADS holder to register that transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement
understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS
holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on
behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code).&nbsp;In the deposit agreement,
the parties agree that the depositary&rsquo;s reliance on and compliance with instructions received by the depositary through
the DRS/Profile System and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of
the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Shareholder communications;
inspection of register of holders of ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited
securities that we make generally available to holders of deposited securities.&nbsp;The depositary will send you copies of those
communications or otherwise make those communications available to you if we ask it to.&nbsp;You have a right to inspect the register
of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><A NAME="a_017"></A><B>SHARES
ELIGIBLE FOR FUTURE SALE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Prior
to this offering our Ordinary Shares have been traded only on the TASE and the ADSs have been quoted on the OTCQB. In connection
with this offering, we intend to apply to list the ADSs on NASDAQ, under the symbol &ldquo;TRPX.&rdquo; No assurance can be given
that our application will be approved. Sales of substantial amounts of our Ordinary Shares and ADSs in the public market, or the
perception that such sales could occur, could adversely affect prevailing market prices of our Ordinary Shares and ADSs. Upon
completion of this offering, we will have outstanding ADSs and outstanding Ordinary Shares, assuming the underwriters do not exercise
their over-allotment option. All of the ADSs sold in this offering will be freely transferable without restriction or further
registration under the Securities Act by persons other than by our affiliates. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Our Ordinary Shares
will be held by our existing shareholders. Because all of these shares were sold outside the United States to persons residing
outside the United States at the time, and are currently traded on the TASE, they will continue to be freely tradable on TASE
without restriction or further registration, except for the restrictions described below, and except for the lock-up restrictions
described under &ldquo;Underwriting&rdquo; below. Approximately &nbsp;&nbsp;&nbsp;&nbsp;% of our outstanding Ordinary Shares will
be subject to such lock-up agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><B>Lock-up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We and our executive
officers, directors, and certain shareholders have agreed not to offer, sell, agree to sell, directly or indirectly, or otherwise
dispose of any Ordinary Shares, ADSs or any other securities convertible into or exchangeable for Ordinary Shares except for the
ADSs offered in this offering without the prior written consent of the representative for a period of days after the consummation
of this offering. After the expiration of such day period, the Ordinary Shares held by our directors, executive officers or certain
of our other existing shareholders may be sold outside of the United States subject to the restrictions under applicable Israeli
securities laws or by means of registered public offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><B>Rule 144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">In general, under
Rule 144 under the Securities Act as in effect on the date hereof, beginning 90 days after the date hereof, a person who holds
restricted Ordinary Shares or ADSs (assuming there are any restricted shares) and is not one of our affiliates at any time during
the three months preceding a sale, and who has beneficially owned these restricted shares for at least six months, would be entitled
to sell an unlimited number of our Ordinary Shares or ADSs, provided current public information about us is available. In addition,
under Rule 144, a person who holds restricted shares in us and is not one of our affiliates at any time during the three months
preceding a sale, and who has beneficially owned these restricted shares for at least one year, would be entitled to sell an unlimited
number of shares immediately upon the closing of this offering without regard to whether current public information about us is
available. Beginning 90 days after the date hereof, our affiliates who have beneficially owned our Ordinary Shares or ADSs for
at least six months will be entitled to sell 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: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1% of the number of Ordinary Shares or ADSs then outstanding; or</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the average weekly trading volume of our or ADSs on NASDAQ during the four calendar weeks
    preceding the filing of a notice on Form 144 with respect to the sale; provided that current public information about us is
    available and the affiliate complies with the manner of sale requirements imposed by Rule 144.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Affiliates are also
subject to additional restrictions on the manner of sales under Rule 144 and notice filing requirements. We cannot estimate the
number of our Ordinary Shares that our existing shareholders will elect to sell on the TASE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><B>Regulation S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Regulation S under
the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided
that the sale is effected in an offshore transaction and no directed selling efforts are made in the United States (as these terms
are defined in Regulation S), subject to certain other conditions. In general, this means that our Ordinary Shares may be sold
in some manner outside the United States without requiring registration in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"><B>Rule 701</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In general, under
Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Ordinary
Shares from us in connection with a compensatory share plan or other written agreement executed prior to the completion of this
offering is eligible to resell such Ordinary Shares in reliance on Rule 144, but without compliance with some of the restrictions,
including the holding period, contained in Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><B>THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL SHARE TRANSFER RESTRICTION MATTERS THAT MAY BE OF IMPORTANCE TO A
PROSPECTIVE INVESTOR. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN LEGAL ADVISOR REGARDING THE PARTICULAR SECURITIES LAWS
AND TRANSFER RESTRICTION CONSEQUENCES OF PURCHASING, HOLDING, AND DISPOSING OF THE ADSS, INCLUDING THE CONSEQUENCES OF ANY PROPOSED
CHANGE IN APPLICABLE LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_018"></A><B>TAXATION
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><I>The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our Ordinary Shares or ADSs. You should consult your own tax advisor concerning the tax consequences of your particular situation,
as well as any tax consequences that may arise under the laws of any state, local, foreign, including Israeli, or other taxing
jurisdiction. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>ISRAELI TAX CONSIDERATIONS AND GOVERNMENT
PROGRAMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
following is a description of the material Israeli income tax consequences of the ownership of our Ordinary Shares or ADSs. The
following also contains a description of material relevant provisions of the current Israeli income tax structure applicable to
companies in Israel, with reference to its effect on us. To the extent that the discussion is based on new tax legislation which
has not been subject to judicial or administrative interpretation, there can be no assurance that the tax authorities will accept
the views expressed in the discussion in question. The discussion is not intended, and should not be taken, as legal or professional
tax advice and is not exhaustive of all possible tax considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our Ordinary Shares and ADSs. Shareholders should consult their own tax advisors concerning the tax consequences of their particular
situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>General Corporate Tax Structure in Israel
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Israeli
resident companies are generally subject to corporate tax, currently at the rate of 25% of a company&rsquo;s taxable income (under
a proposed legislation the corporate tax rate will be reduced to 24% and 23% in the years 2017 and 2018, respectively). However,
the effective tax rate payable by a company that derives income from a Preferred Enterprise (as discussed below) may be considerably
less. Capital gains derived by an Israeli resident company are subject to tax at the prevailing corporate tax rate. Under Israeli
tax legislation, a corporation will be considered as an &ldquo;Israeli resident company&rdquo; if it meets one of the following:
(i) it was incorporated in Israel; or (ii) the control and management of its business are exercised in Israel. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Law for the Encouragement of Industry
(Taxes), 5729-1969 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several
tax benefits for &ldquo;Industrial Companies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
Industry Encouragement Law defines an &ldquo;Industrial Company&rdquo; as an Israeli resident-company, of which 90% or more of
its income in any tax year, other than income from defense loans, is derived from an &ldquo;Industrial Enterprise&rdquo; owned
by it. An &ldquo;Industrial Enterprise&rdquo; is defined as an enterprise whose principal activity in a given tax year is industrial
production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
following corporate tax benefits, among others, are available to Industrial Companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 0.3in; text-align: left"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">amortization of the cost of purchased a patent, rights to
    use a patent, and know-how, which are used for the development or advancement of the company, over an eight-year period</FONT>
    <FONT STYLE="font-size: 10pt">and certain other intangible property rights (other than goodwill), commencing on the year in
    which such rights were first exercised;</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">under limited conditions, an election to file consolidated tax
    returns with related Israeli Industrial Companies; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">expenses related to a public offering are deductible in equal
    amounts over three years.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-size: 10pt">Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.</FONT> <FONT STYLE="font-size: 10pt">There
is no assurance that we qualify as an Industrial Company or that the benefits described above will be available in the future.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>The Encouragement
of Industrial Research and Development Law, 5744-1984</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Under
the Encouragement of Industrial Research and Development Law, 5744-1984, or Research Law, research and development programs which
meet specified criteria and are approved by the INATI are eligible for grants of up to 50% of the project&rsquo;s expenditure,
as determined by the research committee, in exchange for the payment of royalties from the revenues generated from the sale of
products and related services developed, in whole or in part pursuant to, or as a result of, a research and development program
funded by the INATI. The royalties are generally at a range of 3.0% to 5.0% of revenues until the entire INATI grant is repaid,
together with an annual interest generally equal to the 12 month London InterBank Offered Rate, or the LIBOR, applicable to dollar
deposits that is published on the first business day of each calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
terms of the R&amp;D Law also require that the manufacture of products developed with government grants be performed in Israel.
The transfer of manufacturing activity outside Israel may not be transferred outside of Israel, unless the prior approval of the
INATI is received, however, this does not restrict the export of products that incorporate the funded technology. Under the regulations
of the R&amp;D Law, assuming we receive approval from the Chief Scientist to manufacture our INATI-funded products outside Israel,
we may be required to pay increased royalties. The increase in royalties depends upon the manufacturing volume that is performed
outside of Israel as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Manufacturing Volume
    Outside of Israel</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Royalties<BR>
    to the Chief<BR> Scientist&nbsp;as <BR> a&nbsp;Percentage<BR> of Grant</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; text-align: left">Up to 50%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">120</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">between 50% and 90%</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">150</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">90% and more</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">300</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
the manufacturing is performed outside of Israel by us, the rate of royalties payable by us on revenues from the sale of products
manufactured outside of Israel will increase by 1% over the regular rates. If the manufacturing is performed outside of Israel
by a third party, the rate of royalties payable by us on those revenues will be equal to the ratio obtained by dividing the amount
of the grants received from the Office of the Chief Scientist and our total investment in the project that was funded by these
grants. The transfer of no more than 10% of the manufacturing capacity in the aggregate outside of Israel is exempt under the
R&amp;D Law from obtaining the prior approval of the INATI. A company requesting funds from the INATI also has the option of declaring
in its INATI grant application an intention to perform part of its manufacturing outside Israel, thus avoiding the need to obtain
additional approval. On January 6, 2011, the R&amp;D Law was amended to clarify that the potential increased royalties specified
in the table above will apply even in those cases where the INATI approval for transfer of manufacturing outside of Israel is
not required, namely when the volume of the transferred manufacturing capacity is less than 10% of total capacity or when the
company received an advance approval to manufacture abroad in the framework of its INATI grant application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
know-how developed within the framework of the Chief Scientist plan may not be transferred to third parties outside Israel without
the prior approval of a governmental committee charted under the R&amp;D Law. The approval, however, is not required for the export
of any products developed using grants received from the Chief Scientist. The INATI approval to transfer know-how created, in
whole or in part, in connection with an INATI-funded project to third party outside Israel where the transferring company remains
an operating Israeli entity is subject to payment of a redemption fee to the INATI calculated according to a formula provided
under the R&amp;D Law that is based, in general, on the ratio between the aggregate INATI grants to the company&rsquo;s aggregate
investments in the project that was funded by these INATI grants, multiplied by the transaction consideration. The transfer of
such know-how to a party outside Israel where the transferring company ceases to exist as an Israeli entity is subject to a redemption
fee formula that is based, in general, on the ratio between the aggregate INATI grants to the total financial investments in the
company, multiplied by the transaction consideration. According to the January 2011 amendment, the redemption fee in case of transfer
of know-how to a party outside Israel will be based on the ratio between the aggregate INATI grants received by the company and
the company&rsquo;s aggregate R&amp;D expenses, multiplied by the transaction consideration. According to regulations promulgated
following the 2011 amendment, the maximum amount payable to the INATI in case of transfer of know how outside Israel shall not
exceed 6 times the value of the grants received plus interest, and in the event that the receiver of the grants ceases to be an
Israeli corporation such payment shall not exceed 6 times the value of the grants received plus interest, with a possibility to
reduce such payment to up to 3 times the value of the grants received plus interest if the R&amp;D activity remains in Israel
for a period of three years after payment to the INATI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Transfer
of know-how within Israel is subject to an undertaking of the recipient Israeli entity to comply with the provisions of the R&amp;D
Law and related regulations, including the restrictions on the transfer of know-how and the obligation to pay royalties, as further
described in the R&amp;D Law and related regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">These
restrictions may impair our ability to outsource manufacturing, engage in change of control transactions or otherwise transfer
our know-how outside Israel and may require us to obtain the approval or the INATI for certain actions and transactions and pay
additional royalties to the INATI. In particular, any change of control and any change of ownership of our Ordinary Shares that
would make a non-Israeli citizen or resident an &ldquo;interested party,&rdquo; as defined in the R&amp;D Law, requires a prior
written notice to the INATI in addition to any payment that may be required of us for transfer of manufacturing or know-how outside
Israel. If we fail to comply with the R&amp;D Law, we may be subject to criminal charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <B><I>Tax Benefits for Research and Development
under the Encouragement of Industrial Research and Development Law, 5744-1984</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Israeli
tax law allows, under certain conditions, a tax deduction for expenditures, including capital expenditures, for the year in which
they are incurred. Expenditures are deemed related to scientific research and development projects, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The expenditures are approved by the relevant Israeli government
    ministry, determined by the field of research;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The research and development must be for the promotion of the
    company; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The research and development is carried out by or on behalf
    of the company seeking such tax deduction.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such
scientific research and development projects. No deduction under these research and development deduction rules is allowed if
such deduction is related to an expense invested in an asset depreciable under the general depreciation rules of the Ordinance.
Expenditures not so approved are deductible in equal amounts over three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">From
time to time we may apply the INATI for approval to allow a tax deduction for all research and development expenses during the
year incurred. There can be no assurance that such application will be accepted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Law for the Encouragement of Capital
Investments, 5719-1959 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> The
Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives
for capital investments in production facilities (or other eligible assets) under certain conditions. In specific, the Investment
Law, currently provides certain tax benefits for income generated by &ldquo;Preferred Companies&rdquo; from their &ldquo;Preferred
Enterprises.&rdquo; The definition of a Preferred Company includes, inter alia, a company incorporated in Israel that is not wholly
owned by a governmental entity, which: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">owns a Preferred Enterprise, which is defined as an &ldquo;Industrial
    Enterprise&rdquo; (as defined under the Investment Law) that is classified as either a &ldquo;Competitive Enterprise&rdquo;
    (as defined under the Investment Law) or a &ldquo;Competitive Enterprise in the Field of Renewable Energy&rdquo; (as defined
    under the Investment Law);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">is controlled and managed from Israel;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">is not a &ldquo;Family Company,&rdquo; a &ldquo;Home Company,&rdquo;
    or a &ldquo;Kibbutz&rdquo; (collective community) as defined under the Ordinance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">keeps acceptable books of account and files reports in accordance
    with the provisions of the Investment Law and the Ordinance; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">was not, and certain officers of which were not, convicted of
    certain crimes in the 10 years prior to the tax year with respect to which benefits are being claimed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">As
of January 1, 2014, a Preferred Company is entitled to a reduced corporate tax rate of 16% with respect to its income derived
from its Preferred Enterprise, unless the Preferred Enterprise is located in development area A, in which case the rate will be
9% (our operations are currently not located in development area A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> If
in the future we generate taxable income, to the extent that we qualify as a &ldquo;Preferred Company,&rdquo; the benefits provided
under the Investment Law could potentially reduce our corporate tax liabilities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Taxation of our Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Capital
gain tax is imposed on the disposal of capital assets by an Israeli resident, and on the disposal of such assets by a non-Israeli
resident if those assets are either (i) located in Israel; (ii) are shares or a right to a share in an Israeli resident corporation,
or (iii) represent, directly or indirectly, rights to assets located in Israel. The Israeli Income Tax Ordinance of 1961 (New
Version) (the &ldquo;Ordinance&rdquo;) distinguishes between &ldquo;Real Gain&rdquo; and the &ldquo;Inflationary Surplus.&rdquo;
Real Gain is the excess of the total capital gain over Inflationary Surplus computed generally on the basis of the increase in
the Israeli CPI between the date of purchase and the date of disposal. Inflationary Surplus is not subject to tax in Israel. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Real
Gain accrued by individuals on the sale of our ordinary shares will be taxed at the rate of 25%. However, if the individual shareholder
is a &ldquo;Controlling Shareholder&rdquo; (i.e., a person who holds, directly or indirectly, alone or together with another,
10% or more of one of the Israeli resident company&rsquo;s means of control) at the time of sale or at any time during the preceding
12 months period, such gain will be taxed at the rate of 30%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Real
Gain derived by corporations will be generally subject to the regular corporate tax rate (25% in 2016, under a proposed legislation
the corporate tax rate will be reduced to 24% and 23% in the years 2017 and 2018, respectively). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Individual
and corporate shareholder dealing in securities in Israel are taxed at the tax rates applicable to business income&ndash; 25%
for corporations in 2016 and a marginal tax rate of up to 48% in 2016 for individuals. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <I>&nbsp;</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> <I>Capital
Gains Taxes is Applicable also to Non-Israeli Resident Shareholders</I>. A non-Israeli resident who derives capital gains from
the sale of shares in an Israeli resident company may be exempt from Israeli tax so long as the following cumulative conditions
are met: (i) the shares were purchased upon or after the registration of the securities on the stock exchange, (ii) the seller
does not have a permanent establishment in Israel to which the derived capital gain is attributed, and (iii) if the seller is
a corporation, less than 25% of its means of control are held, directly and indirectly, by Israeli resident shareholders. In addition,
such exemption would not be available to a person whose gains from selling or otherwise disposing of the securities are deemed
to be business income. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Additionally,
a sale of shares by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable
tax treaty. For example, under Convention Between the Government of the United States of America and the Government of the State
of Israel with respect to Taxes on Income, as amended, or the United States-Israel Tax Treaty, the sale, exchange or other disposition
of shares by a shareholder who is a United States resident (for purposes of the treaty) holding the shares as a capital asset
and is entitled to claim the benefits afforded to such a resident by the U.S.-Israel Tax Treaty, or a Treaty U.S. Resident, is
generally exempt from Israeli capital gains tax unless: (i) the capital gain arising from such sale, exchange or disposition is
attributed to real estate located in Israel; (ii) the capital gain arising from such sale, exchange or disposition is attributed
to royalties; (iii) the capital gain arising from the such sale, exchange or disposition is attributed to a permanent establishment
in Israel, under certain terms; (iv) such Treaty U.S. Resident holds, directly or indirectly, shares representing 10% or more
of the voting capital during any part of the 12-month period preceding the disposition, subject to certain conditions; or (v)
such Treaty U.S. Resident is an individual and was present in Israel for 183 days or more during the relevant taxable year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
some instances where our shareholders may be liable for Israeli tax on the sale of their Ordinary Shares or ADSs, the payment
of the consideration may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate that
they are exempt from tax on their capital gains in order to avoid withholding at source at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Either
the purchaser, the Israeli stockbrokers or financial institution through which the shares are held is obliged, subject to the
above mentioned exemptions, to withhold tax upon the sale of securities from the Real Gain at the rate of 25%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> At
the sale of securities traded on a stock exchange, a detailed return, including a computation of the tax due, must be filed and
an advance payment must be made on January 31 and July 31 of every tax year in respect of sales of securities made within the
previous six months. However, if all tax due was withheld at source according to applicable provisions of the Ordinance and regulations
promulgated thereunder, the aforementioned return need not be filed and no advance payment must be paid. Capital gain is also
reportable on the annual income tax return. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Dividends</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> A
distribution of dividends from income, which is not attributed to a Preferred Enterprise to an Israeli resident individual, will
generally be subject to income tax at a rate of 25%. However, a 30% tax rate will apply if the dividend recipient is a &ldquo;Controlling
Shareholder&rdquo; (as defined above) at the time of distribution or at any time during the preceding 12 months period. If the
recipient of the dividend is an Israeli resident corporation, such dividend will be exempt from income tax provided the income
from which such dividend is distributed was derived or accrued within Israel. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Non-Israeli
residents are generally subject to Israeli income tax on the receipt of dividends paid on our Ordinary Shares or ADSs at the rate
of 25%, which tax will be withheld at source, unless relief is provided in a treaty between Israel and the shareholder&rsquo;s
country of residence. With respect to a person who is a controlling shareholder at the time of receiving the dividend or on any
time during the preceding twelve months, the applicable tax rate is 30%, unless a reduced tax rate is provided under an applicable
tax treaty. For example, under the United States-Israel Tax Treaty, the maximum rate of tax withheld at source in Israel on dividends
paid to a holder of our Ordinary Shares or ADSs who is a Treaty U.S. Resident is 25%. However, generally, the maximum rate of
withholding tax on dividends, not generated by a Preferred Enterprise, that are paid to a United States corporation holding 10%
or more of the outstanding voting capital throughout the tax year in which the dividend is distributed as well as during the previous
tax year, is 12.5%, provided that not more than 25% of the gross income for such preceding year consists of certain types of dividends
and interest. Notwithstanding the foregoing, dividends distributed from income attributed to an Preferred Enterprise are not entitled
to such reduction under the tax treaty but are subject to a withholding tax rate of 15% for a shareholder that is a U.S. corporation,
provided that the condition related to our gross income for the previous year (as set forth in the previous sentence) is met.
If the dividend is attributable partly to income derived from a Preferred Enterprise, and partly to other sources of income, the
withholding rate will be a blended rate reflecting the relative portions of the two types of income. We cannot assure you that
we will designate the profits that we may distribute in a way that will reduce shareholders&rsquo; tax liability. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> A
distribution of dividend by our company from income attributed to a Preferred Enterprise will generally be subject to withholding
tax in Israel at the following tax rates: Israeli resident individuals - 20% Israeli resident companies &ndash; 0%, Non-Israeli
residents &ndash; 20%, subject to a reduced rate under the provisions of any applicable double tax treaty. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Excess Tax
</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Individuals
who are subject to tax in Israel are also subject to an additional tax at a rate of 2% as of 2016 (under a proposed legislation
will be increased to 3% in 2017 and thereafter) on annual income exceeding a certain threshold (NIS 810,720 for 2016, under a
proposed legislation the threshold will be reduced to NIS 640,000 in 2017 and thereafter), including, but not limited to income
derived from dividends, interest and capital gains. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>&nbsp;</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"> <B><I>Foreign
Exchange Regulations</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> Non-residents
of Israel who hold our ordinary shares are able to receive any dividends, and any amounts payable upon the dissolution, liquidation
and winding up of our affairs, repayable in non-Israeli currency at the rate of exchange prevailing at the time of conversion.
However, Israeli income tax is generally required to have been paid or withheld on these amounts. In addition, the statutory framework
for the potential imposition of currency exchange control has not been eliminated, and may be restored at any time by administrative
action. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> <B><I>Estate and Gift Tax</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white"> Israeli law presently
does not impose estate or gift taxes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">THE FOLLOWING SUMMARY IS INCLUDED HEREIN FOR
GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S. HOLDER SHOULD
CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND
SALE OF ORDINARY SHARES AND AMERICAN DEPOSITORY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX
LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Subject
to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences
to a &ldquo;U.S. Holder&rdquo; arising from the purchase, ownership and sale of the Ordinary Shares and ADSs. For this purpose,
a &ldquo;U.S. Holder&rdquo; is a holder of Ordinary Shares or ADSs that is: (1) an individual citizen or resident of the United
States, including an alien individual who is a lawful permanent resident of the United States or meets the substantial presence
residency test under U.S. federal income tax laws; (2) a corporation (or entity treated as a corporation for U.S. federal income
tax purposes) or a partnership (other than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury
regulations) created or organized under the laws of the United States or the District of Columbia or any political subdivision
thereof; (3) an estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of source;
(4) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have authority to control all substantial decisions of the trust; or (5) a trust that has a valid election
in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">This
summary is for general information purposes only and does not purport to be a comprehensive description of all of the U.S. federal
income tax considerations that may be relevant to a decision to purchase our Ordinary Shares or ADSs. This summary generally considers
only U.S. Holders that will own our Ordinary Shares or ADSs as capital assets. Except to the limited extent discussed below, this
summary does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules
applicable to determine a taxpayer&rsquo;s status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue
Code of 1986, as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative
and judicial interpretations thereof, and the U.S./Israel Income Tax Treaty, all as in effect as of the date hereof and all of
which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will
not seek a ruling from the U.S. IRS with regard to the U.S. federal income tax treatment of an investment in our Ordinary Shares
or ADSs by U.S. Holders and, therefore, can provide no assurances that the IRS will agree with the conclusions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">This
discussion does not address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder
based on such holder&rsquo;s particular circumstances and in particular does not discuss any estate, gift, generation-skipping,
transfer, state, local, excise or foreign tax considerations. In addition, this discussion does not address the U.S. federal income
tax treatment of a U.S. Holder who is: (1) a bank, life insurance company, regulated investment company, or other financial institution
or &ldquo;financial services entity&rdquo;; (2) a broker or dealer in securities or foreign currency; (3) a person who acquired
our Ordinary Shares or ADSs in connection with employment or other performance of services; (4) a U.S. Holder that is subject
to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our Ordinary Shares or ADSs as a hedge or as part of a hedging,
straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S. federal income tax purposes;
(6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) a U.S. Holder that expatriates out of the United
States or a former long-term resident of the United States; or (9) a person having a functional currency other than the U.S. dollar.
This discussion does not address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively,
at any time, Ordinary Shares or ADSs representing 10% or more of our voting power. Additionally, the U.S. federal income tax treatment
of persons who hold Ordinary Shares or ADSs through a partnership or other pass-through entity are not considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Each
prospective investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing,
holding or disposing of our Ordinary Shares or ADSs, including the effects of applicable state, local, foreign or other tax laws
and possible changes in the tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Taxation of
Dividends Paid on Ordinary Shares</I></B>&nbsp;<B><I>or ADSs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">We
do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion
under the heading &ldquo;Passive Foreign Investment Companies&rdquo; below, a U.S. Holder will be required to include in gross
income as ordinary income the amount of any distribution paid on Ordinary Shares or ADSs (including the amount of any Israeli
tax withheld on the date of the distribution), to the extent that such distribution does not exceed our current and accumulated
earnings and profits, as determined for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings
and profits will be treated first as a non-taxable return of capital, reducing the U.S. Holder&rsquo;s tax basis for the Ordinary
Shares to the extent thereof, and then capital gain. Corporate holders generally will not be allowed a deduction for dividends
received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
general, preferential tax rates for &ldquo;qualified dividend income&rdquo; and long-term capital gains are applicable for U.S.
Holders that are individuals, estates or trusts. For this purpose, &ldquo;qualified dividend income&rdquo; means, inter alia,
dividends received from a &ldquo;qualified foreign corporation.&rdquo; A &ldquo;qualified foreign corporation&rdquo; is a corporation
that is entitled to the benefits of a comprehensive tax treaty with the United States which includes an exchange of information
program. The IRS has stated that the Israel/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the
benefits of that treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, our dividends will be qualified dividend income if our Ordinary Shares or ADSs are readily tradable on the NASDAQ Capital
Market or another established securities market in the United States. Dividends will not qualify for the preferential rate if
we are treated, in the year the dividend is paid or in the prior year, as a PFIC, as described below under &ldquo;Passive Foreign
Investment Companies&rdquo;. A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held
our Ordinary Shares or ADSs for at least 61 days of the 121 day period beginning on the date which is 60 days before the ex-dividend
date, or (2) to the extent the U.S. Holder is under an obligation to make related payments on substantially similar property.
Any days during which the U.S. Holder has diminished its risk of loss on our Ordinary Shares or ADSs are not counted towards meeting
the 61-day holding period. Finally, U.S. Holders who elect to treat the dividend income as &ldquo;investment income&rdquo; pursuant
to Code section 163(d)(4) will not be eligible for the preferential rate of taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
amount of a distribution with respect to our Ordinary Shares or ADSs will be measured by the amount of the fair market value of
any property distributed, and for U.S. federal income tax purposes, the amount of any Israeli taxes withheld therefrom. Cash distributions
paid by us in NIS will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange
in effect on the date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such
NIS for U.S. federal income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the NIS into
U.S. dollars or otherwise disposes of it, any subsequent gain or loss in respect of such NIS arising from exchange rate fluctuations
will be U.S. source ordinary exchange gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Distributions
paid by us will generally be foreign source income for U.S. foreign tax credit purposes and will generally be considered passive
category income for such purposes. Subject to the limitations set forth in the Code, U.S. Holders may elect to claim a foreign
tax credit against their U.S. federal income tax liability for Israeli income tax withheld from distributions received in respect
of the Ordinary Shares or ADSs. The rules relating to the determination of the U.S. foreign tax credit are complex, and U.S. Holders
should consult with their own tax advisors to determine whether, and to what extent, they are entitled to such credit. U.S. Holders
that do not elect to claim a foreign tax credit may instead claim a deduction for Israeli income taxes withheld, provided such
U.S. Holders itemize their deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Taxation of
the Disposition of Ordinary Shares or ADSs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Except
as provided under the PFIC rules described below under &ldquo;Passive Foreign Investment Companies&rdquo;, upon the sale, exchange
or other disposition of our Ordinary Shares or ADSs, a U.S. Holder will recognize capital gain or loss in an amount equal to the
difference between such U.S. Holder&rsquo;s tax basis for the Ordinary Shares or ADSs in U.S. dollars and the amount realized
on the disposition in U.S. dollar (or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date
of disposition, if the amount realized is denominated in a foreign currency). The gain or loss realized on the sale, exchange
or other disposition of Ordinary Shares or ADSs will be long-term capital gain or loss if the U.S. Holder has a holding period
of more than one year at the time of the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Gain
realized by a U.S. Holder on a sale, exchange or other disposition of Ordinary Shares or ADSs will generally be treated as U.S.
source income for U.S. foreign tax credit purposes. A loss realized by a U.S. Holder on the sale, exchange or other disposition
of Ordinary Shares or ADSs is generally allocated to U.S. source income. The deductibility of a loss realized on the sale, exchange
or other disposition of Ordinary Shares or ADSs is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Passive Foreign
Investment Companies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Special
U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC
for U.S. federal income tax purposes for any taxable year that either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">75% or more of our gross income (including our pro rata share
    of gross income for any company, in which we are considered to own 25% or more of the shares by value), in a taxable year
    is passive; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">At least 50% of our assets, averaged over the year and generally
    determined based upon fair market value (including our pro rata share of the assets of any company in which we are considered
    to own 25% or more of the shares by value) are held for the production of, or produce, passive income.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities
transactions and from notional principal contracts. Cash is treated as generating passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"><FONT STYLE="letter-spacing: -0.05pt">We
have not determined whether we will be a PFIC in the year in which this offering is completed or in future years because, among
other things, PFIC status is determined annually and is based on our income, assets and activities for the entire taxable year.
</FONT>The tests for determining PFIC status are applied annually, and it is difficult to make accurate projections of future
income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value
of our Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will not become a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">If
we currently are or become a PFIC, each U.S. Holder who has not elected to treat us as a qualified electing fund by making a &ldquo;QEF
election&rdquo;, or who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain distributions
by us and upon disposition of our Ordinary Shares or ADSs at a gain:&nbsp;(1) have such distribution or gain allocated ratably
over the U.S. Holder&rsquo;s holding period for the Ordinary Shares or ADSs, as the case may be; (2) the amount allocated to the
current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as
ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of
tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would
be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, when shares of a PFIC
are acquired by reason of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up
to fair market value as of the date of the decedent&rsquo;s death, but instead would be equal to the decedent&rsquo;s basis if
lower, unless all gain were recognized by the decedent. Indirect investments in a PFIC may also be subject to these special U.S.
federal income tax rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder
has held the Ordinary Shares or ADSs while we are a PFIC, provided that we comply with specified reporting requirements. Instead,
each U.S. Holder who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such
U.S. Holder&rsquo;s pro rata share of our ordinary earnings as ordinary income and such U.S. Holder&rsquo;s pro rata share of
our net capital gains as long-term capital gain, regardless of whether we make any distributions of such earnings or gain. In
general, a QEF election is effective only if we make available certain required information. The QEF election is made on a shareholder-by-shareholder
basis and generally may be revoked only with the consent of the IRS. We do not intend to notify U.S. Holders if we believe we
will be treated as a PFIC for any tax year. In addition, we do not intend to furnish U.S. Holders annually with information needed
in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we or any of our Subsidiaries
are a PFIC. U.S. Holders should consult with their own tax advisors regarding eligibility, manner and advisability of making a
QEF election if we are treated as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A
U.S. Holder of our Ordinary Shares or ADSs which are regularly traded on a qualifying exchange, including the NASDAQ Capital Market,
can elect to mark the Ordinary Shares or ADSs to market annually, recognizing as ordinary income or loss each year an amount equal
to the difference as of the close of the taxable year between the fair market value of the Ordinary Shares or ADSs and the U.S.
Holder&rsquo;s adjusted tax basis in the Ordinary Shares or ADSs. Losses are allowed only to the extent of net mark-to-market
gain previously included income by the U.S. Holder under the election for prior taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">U.S.
Holders who hold our Ordinary Shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if
we cease to be a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules, including tax return
filing requirements and the eligibility, manner, and consequences to them of making a QEF or mark-to-market election with respect
to our Ordinary Shares or ADSs in the event that we are a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Tax on Net Investment
Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">For
taxable years beginning after December 31, 2013, U.S. Holders who are individuals, estates or trusts will generally be required
to pay a new 3.8% Medicare tax on their net investment income (including dividends on and gains from the sale or other disposition
of our Ordinary Shares or ADSs), or in the case of estates and trusts on their net investment income that is not distributed.
In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder&rsquo;s total adjusted income exceeds applicable
thresholds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B>Tax Consequences
for Non-U.S. Holders of Ordinary Shares or ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Except
as provided below, an individual, corporation, estate or trust that is not a U.S. Holder referred to below as a non-U.S. Holder,
generally will not be subject to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from
the disposition of, our Ordinary Shares or ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
non-U.S. Holder may be subject to U.S. federal income tax on a dividend paid on our Ordinary Shares or ADSs or gain from the disposition
of our Ordinary Shares or ADSs if: (1) such item is effectively connected with the conduct by the non-U.S. Holder of a trade or
business in the United States and, if required by an applicable income tax treaty is attributable to a permanent establishment
or fixed place of business in the United States; (2) in the case of a disposition of our Ordinary Shares or ADSs, the individual
non-U.S. Holder is present in the United States for 183 days or more in the taxable year of the disposition and other specified
conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">In
general, non-U.S. Holders will not be subject to backup withholding with respect to the payment of dividends on our Ordinary Shares
or ADSs if payment is made through a paying agent, or office of a foreign broker outside the United States. However, if payment
is made in the United States or by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S.
Holder provides an applicable IRS Form W-8 (or a substantially similar form) certifying its foreign status, or otherwise establishes
an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">The
amount of any backup withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder&rsquo;s U.S.
federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished
to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><B><I>Information
Reporting and Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">A
U.S. Holder may be subject to backup withholding at a rate of 28% with respect to cash dividends and proceeds from a disposition
of Ordinary Shares or ADSs. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification
procedures. Backup withholding will not apply with respect to payments made to designated exempt recipients, such as corporations
and tax-exempt organizations. Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal
income tax liability of a U.S. Holder, provided that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">Pursuant
to recently enacted legislation, a U.S. Holder with interests in &ldquo;specified foreign financial assets&rdquo; (including,
among other assets, our Ordinary Shares or ADSs, unless such Ordinary Shares or ADSs&nbsp;are held on such U.S. Holder&rsquo;s
behalf through a financial institution) may be required to file an information report with the IRS if the aggregate value of all
such assets exceeds $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year (or such higher
dollar amount as may be prescribed by applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial
Accounts, if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should
consult your own tax advisor as to the possible obligation to file such information report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_019"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDERWRITING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have entered into an underwriting agreement dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;, 2016 with H.C.
Wainwright &amp; Co., LLC, or Wainwright, as the representative of the underwriters named therein and sole book-running manager
with respect to the ADSs being offered. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell
to each underwriter named below and each underwriter named below has severally and not jointly agreed to purchase from us, at
the public offering price per share less the underwriting discounts set forth on the cover page of this prospectus, the number
of ADSs listed next to its name in the table below.</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid"> Underwriters </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Number of <BR> ADSs </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> H.C. Wainwright &amp; Co., LLC </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt"> Total </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters are committed to purchase all the ADSs offered by us other than those covered by the over-allotment option to purchase
additional ADSs described below, if they purchase any ADSs. The obligations of the underwriters may be terminated upon the occurrence
of certain events specified in the underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriters&rsquo;
obligations are subject to customary conditions, representations and warranties contained in the underwriting agreement, such
as receipt by the underwriters of officers&rsquo; certificates and legal opinions.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to
contribute to payments the underwriters may be required to make in respect thereof.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters are offering the ADSs, subject to prior sale, when, as and if issued to and accepted by them, subject to approval
of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right
to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have granted the underwriters an over-allotment option. This option, which is exercisable for up to 45 days after the date of
this prospectus, permits the underwriters to purchase a maximum of additional to purchase ADSs (15% of the ADSs sold in this offering)
from us at the public offering price, less underwriting discount, to cover over-allotments, if any. If this option is exercised
in full, the total price to the public will be $&nbsp;&nbsp;&nbsp;&nbsp; and the total net proceeds, before expenses, to us will
be $&nbsp;&nbsp;&nbsp;&nbsp;.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Discount.</I>&nbsp;&nbsp;The
following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes
either no exercise or full exercise by the underwriters of their over-allotment option.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"></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> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Per ADS </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Total without <BR>
    Over-Allotment <BR>
    Option </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Total with <BR> Over-Allotment <BR>
    Option </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%"> Public offering price </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Underwriting discounts and commissions (8%) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Proceeds, before expenses to us </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters propose to offer the ADSs offered by us to the public at the public offering prices set forth on the cover of this
prospectus. In addition, the underwriters may offer some of the securities to other securities dealers at such price less a concession
of $&nbsp;&nbsp;&nbsp;&nbsp; per ADS. If all of the securities offered by us are not sold at the public offering price per ADS,
the underwriters may change the offering price per ADS and other selling terms by means of a supplement to this prospectus.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have agreed to pay a non-accountable expense allowance to the representative of the underwriters equal to 1% of the gross proceeds
received at the closing of the offering (excluding any proceeds received upon any subsequent exercise of the over-allotment option).
We have also agreed to reimburse the representative $100,000 for the fees and expenses of legal counsel to the representative
and up to $40,000 of the representative&rsquo;s accountable expenses for the offering.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
estimate that the total expenses of the offering payable by us, excluding underwriting discounts and commissions, will be approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Representative&rsquo;s
Warrants</I>.&nbsp;&nbsp;We have agreed to issue to the representative&rsquo;s warrants to purchase up to 7% of the ADSs sold
in this offering (including any ADSs sold upon exercise of the over-allotment option, if any). The ADSs will be issued in certificated
form and will have an exercise price per ADS of $&nbsp;&nbsp;&nbsp;&nbsp; (135% of public offering price). We are registering
hereby the issuance of the representative&rsquo;s warrants and the Ordinary Shares underlying the ADSs issuable upon exercise
of the representative&rsquo;s warrants. The representative&rsquo;s warrants are exercisable for cash or on a cashless basis and
terminate on a date which is five years from the date of this prospectus. The representative&rsquo;s warrants and the and the
Ordinary Shares underlying the ADSs issuable upon exercise of the representative&rsquo;s warrants have been deemed compensation
by the Financial Regulatory Authority, or FINRA, and are, therefore, subject to a 180-day lock-up pursuant to Rule 5110(g)(1)
of FINRA. The representative (or permitted assignees under the Rule) will not sell, transfer, assign, pledge or hypothecate these
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 these warrants or the underlying securities for a period of immediately
following the date of effectiveness or commencement of sales of this offering, except the transfer of any security, other than
(i) by operation of law or by reason of reorganization; (ii) to any FINRA member firm participating in the offering and the officers
or partners thereof if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period;
(iii) if the aggregate amount of our securities held by the holder of the warrants or related persons do not exceed 1% of the
securities being offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund provided
that no participating member manages or otherwise directs investments by the fund and participating members in the aggregate do
not own more than 10% of the equity in the fund; or (v) the exercise or conversion of any security, if all securities received
remain subject to the lock-up restriction for the remainder of the time period. The exercise price and number of ADSs issuable
upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary
cash dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying
shares will not be adjusted for issuances of ADSs at a price below the warrant exercise price.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Right
of First Refusal.</I>&nbsp;&nbsp;Subject to certain conditions, we granted to the representative in this offering, for a period
of nine months after the date of effectiveness of this registration statement, a right of first refusal to act as lead underwriter,
financial advisor or agent in connection with any offering of equity or debt securities, any financing or refinancing of indebtedness
or any merger, acquisition or disposition transaction.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Tail.</I>&nbsp;&nbsp;If
the offering hereunder is not consummated, the representative shall be entitled to the foregoing cash commission (equal to the
representative discount) and warrants to the extent that capital is provided by investors that the underwriter introduced to us,
or conducted discussions on our behalf, in any offering of securities by us or our affiliates within 12 months of the termination
of our engagement of the representative.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Discretionary
Accounts.</I>&nbsp;&nbsp;The underwriters do not intend to confirm sales of the securities offered hereby to any accounts over
which they have discretionary authority.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Lock-Up
Agreements.</I>&nbsp;&nbsp;Pursuant to certain &ldquo;lock-up&rdquo; agreements, our executive officers and directors and certain
shareholders have agreed, subject to certain exceptions, not to offer, sell, assign, transfer, pledge, contract to sell, or otherwise
dispose of or announce the intention to otherwise dispose of, or enter into any swap, hedge or similar agreement or arrangement
that transfers, in whole or in part, the economic risk of<B> </B>ownership of, directly or indirectly, engage in any short selling
of any Ordinary Shares or ADSs or securities convertible into or exchangeable or exercisable for any Ordinary Shares or ADSs,
whether currently owned or subsequently acquired, without the prior written consent of the representative of the underwriters,
for a period of 180 days after the consummation of this offering.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Nasdaq
Listing</I>.&nbsp;&nbsp;We intend to apply to list the ADSs on the NASDAQ Capital Market under the symbol &ldquo;TRPX.&rdquo;
No assurance can be given that our application will be approved.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Electronic
Offer, Sale and Distribution of ADSs and warrants.</I>&nbsp;&nbsp;A prospectus in electronic format may be made available on the
websites maintained by one or more of the underwriters or selling group members, if any, participating in this offering and one
or more of the underwriters participating in this offering may distribute prospectuses electronically. The representative may
agree to allocate a number of ADSs to underwriters and selling group members for sale to their online brokerage account holders.
Internet distributions will be allocated by the underwriters and selling group members that will make internet distributions on
the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not
part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part,
has not been approved or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by investors.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Price
Stabilization, Short Positions and Penalty Bids.</I>&nbsp;&nbsp;In order to facilitate the offering of the ADSs, the underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of the ADSs. In connection with the offering,
the underwriters may purchase and sell the ADSs in the open market. These transactions may include short sales, purchases on the
open market to cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriters
of a greater number of ADSs than they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made
in an amount not greater than the underwriters&rsquo; option to purchase additional ADSs in the offering. The underwriters may
close out any covered short position by either exercising their over-allotment option or purchasing ADSs in the open market. In
determining the source of ADSs to close out the covered short position, the underwriters will consider, among other things, the
price of ADSs available for purchase in the open market as compared to the price at which they may purchase ADSs through the over-allotment
option. &ldquo;Naked&rdquo; short sales are sales in excess of the over-allotment option. The underwriters must close out any
naked short position by purchasing ADSs in the open market. A naked short position is more likely to be created if the underwriters
are concerned that there may be downward pressure on the price of the ADSs in the open market after pricing that could adversely
affect investors who purchase in the offering. Stabilizing transactions consist of various bids for or purchases of ADSs made
by the underwriters in the open market prior to the completion of the offering.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Similar
to other purchase transactions, the underwriters&rsquo; purchases to cover the syndicate short sales may have the effect of raising
or maintaining the market price of the ADSs or preventing or retarding a decline in the market price of the ADSs. As result, the
price of the ADSs may be higher than the price that might otherwise exist in the open market.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters have advised us that, pursuant to Regulation M of the Securities Act, they may also engage in other activities that
stabilize, maintain or otherwise affect the price of the ADSs, including the imposition of penalty bids. This means that if the
representative of the underwriters purchases ADSs in the open market in stabilizing transactions or to cover short sales, the
representative can require the underwriters that sold those shares as part of this offering to repay the underwriting discount
received by them.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters make no representation or prediction as to the direction or magnitude of any effect that the transactions described
above may have on the price of the ADSs. In addition, neither we nor the underwriters make any representation that the underwriters
will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
time to time, the underwriters and their affiliates may effect transactions for their own account or the account of customers,
and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may
do so in the future.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Offer
Restrictions Outside the United States</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities
offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution
of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Australia</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian
Securities and Investments Commission and does not purport to include the information required of a disclosure document under
Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made
to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act
under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available
in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance
that by accepting this offer, the offeree represents that the offeree is such a person<B> </B>as set forth in clause (i) above,
and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the
securities sold to the offeree within 12 months after its transfer for the offeree under this prospectus.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>China</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in
the People&rsquo;s Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau
Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal
or natural persons other than directly to &ldquo;qualified domestic institutional investors&rdquo;.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>European
Economic Area&nbsp;&mdash;&nbsp;Belgium, Germany, Luxembourg and Netherlands</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption
under the Directive 2003/71/EC (Prospectus Directive), as implemented in Member States of the European Economic Area (each, a
Relevant Member State), from the requirement to produce a prospectus for offers of securities.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of
the following exemptions under the Prospectus Directive as implemented in that Relevant Member State:</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated,
whose corporate purpose is solely to invest in securities;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
to any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total
balance sheet of more than &euro;&euro;43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements)
and (iii) an annual net turnover of more than &euro;&euro;50,000,000 (as shown on its last annual unconsolidated or consolidated
financial statements);</FONT> </P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
to fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus
Directive) subject to obtaining the prior consent of the Company or any underwriter for any such offer; or</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)
in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities
shall result in a requirement for the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>France</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers)
in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code mon&eacute;taireet financier)
and Articles 211-1 et seq. of the General Regulation of the French Autorit&eacute; des march&eacute;s financiers (AMF). The securities
have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval
in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Such
offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifi&eacute;s)
acting for their own account, as defined in and in accordance with Articles L.411-2-II-2&deg; and D.411-1 to D.411-3, D.744-1,
D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number
of non-qualified investors (cercle restreint d&rsquo;investisseurs) acting for their own account, as defined in and in accordance
with Articles L.411-2-II-2&deg; and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing
regulation.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed
(directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and
L.621-8 to L.621-8-3 of the French Monetary and Financial Code.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Ireland</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been
filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering
of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the Prospectus Regulations).
The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by
way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii)
fewer than 100 natural or legal persons who are not qualified investors.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Israel</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> The prospectus under
which the securities are offered has not been approved or reviewed by the ISA. The shares may not be offered or sold, directly
or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses
in connection with the offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed
their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel,
directly or indirectly, to the public of the securities offered by this prospectus must be effected only in compliance with the
Israeli securities laws and regulations. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Italy</I></B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission
(Commissione Nazionale per le Societa e la Borsa, &ldquo;CONSOB&rdquo; pursuant to the Italian securities legislation and, accordingly,
no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in
Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 (Decree No. 58),
other than:</FONT> </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">qualified
    investors, as defined in Article 100 of Decree no. 58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14
    May 1999 (Regulation no. 1197l) as amended (Qualified Investors); and</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
    other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter
    of Regulation No. 11971 as amended.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding
placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:</FONT> </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">made
    by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative
    Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other
    applicable laws; and</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
    compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement
rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure
to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity
transferring the securities for any damages suffered by the investors.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Japan</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law
of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the registration requirements applicable to
a private placement of securities to Qualified<B> </B>Institutional Investors (as defined in and in accordance with Article 2,
paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly
or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any
Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional
Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.</FONT> <BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Portugal</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is not being distributed in the context of a public offer of financial securities (oferta p&uacute;blica de valores mobili&aacute;rios)
in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (C&oacute;digo dos Valores Mobili&aacute;rios).
The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal.
This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese
Securities Market Commission (Comiss&atilde;o do Mercado de ValoresMobili&aacute;rios) for approval in Portugal and, accordingly,
may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances
that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of
securities in Portugal are limited to persons who are &ldquo;qualified investors&rdquo; (as defined in the Portuguese Securities
Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any
other person.</FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sweden</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).
Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances
that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980)
omhandel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are &ldquo;qualified investors&rdquo;
(as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute
it or the information contained in it to any other person.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Switzerland</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or
on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the
disclosure standards for issuance prospectuses under art. 652a or art.1156 of the Swiss Code of Obligations or the disclosure
standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange
or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities
may be publicly distributed or otherwise made publicly available in Switzerland.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss
regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised
by, the Swiss Financial Market Supervisory Authority.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is personal to the recipient only and not for general circulation in Switzerland.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>United
Kingdom</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
the information in this document nor any other document relating to the offer has been delivered for approval to the Financial
Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets
Act 2000, as amended (FSMA)) has been published or is intended to be published in respect of the securities. This document is
issued on a confidential basis to &ldquo;qualified investors&rdquo; (within the meaning of section 86(7) of FSMA) in the United
Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter
or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1)
FSMA.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients
to any other person in the United Kingdom.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with
the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused
to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to us.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience
in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets
Act 2000 (Financial Promotions) Order 2005 (FPO), (ii) who fall within the categories of persons referred to in Article 49 (2)(a)
to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully
communicated (together, relevant persons). The investments to which this document relates are available only to, and any invitation,
offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should
not act or rely on this document or any of its contents.</FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_020"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPENSES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Set
forth below is an itemization of the total expenses, excluding underwriting discounts, expected to be incurred in connection with
the offer and sale of the ADSs by us.&nbsp;&nbsp;With the exception of the SEC registration fee and the FINRA filing fee, all
amounts are estimates:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC
    registration fee</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">NASDAQ
    listing Fee</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">FINRA
    filing fee</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transfer
    agent fees and expenses</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Printer
    fees and expenses</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal
    fees and expenses</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounting
    fees and expenses</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT> </TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_021"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> Certain
legal matters concerning this offering will be passed upon for us by Zysman, Aharoni, Gayer and Sullivan &amp; Worcester LLP,
New York, New York. Certain legal matters governed by Israeli law will be passed upon for us by Horn &amp; Co. &ndash; Law Offices,
Tel Aviv, Israel. Certain legal matters related to the offering will be passed upon for the underwriters by McDermott, Will &amp;
Emery LLP, New York, New York, with respect to U.S. federal law and Gross, Kleinhendler, Hodak, Halvey and Greenberg &amp; Co.,
Tel Aviv, Israel, with respect to Israeli law. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_022"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements of Therapix Biosciences Ltd. as of December 31, 2014 and December 31, 2015, and for each of
the two years in the period ended December 31, 2015, appearing in this prospectus and registration statement have been audited
by Kost Forer Gabbay &amp; Kasierer (a member of EY Global), independent registered public accounting firm, appearing elsewhere
herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_023"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are incorporated under the laws of the State of Israel. Service of process upon us and upon our directors and officers and the
Israeli experts named in the registration statement of which this prospectus forms a part, a substantial majority of whom reside
outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our
assets and a substantial of our directors and officers are located outside of the United States, any judgment obtained in the
United States against us or any of our directors and officers may not be collectible within the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have been informed by our legal counsel in Israel, Horn &amp; Co. Law Offices, that it may be difficult to assert U.S. securities
law claims in original actions instituted in Israel. Israeli courts may refuse to hear a claim based on a violation of U.S. securities
laws because Israel is not the most appropriate forum to bring such a claim. In addition, even if an Israeli court agrees to hear
a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable,
the content of applicable U.S. law must be proved as a fact which can be a time-consuming and costly process. Certain matters
of procedure will also be governed by Israeli law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to specified time limitations and legal procedures, Israeli courts may enforce a United States judgment in a civil matter which,
subject to certain exceptions, is non-appealable, including judgments based upon the civil liability provisions of the Securities
Act and the Exchange Act and including a monetary or compensatory judgment in a non-civil matter, provided that among other things:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    judgment is obtained after due process before a court of competent jurisdiction, according to the laws of the state in which
    the judgment is given and the rules of private international law currently prevailing in Israel;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    judgment is final and is not subject to any right of appeal;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    prevailing law of the foreign state in which the judgment was rendered allows for the enforcement of judgments of Israeli
    courts;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">adequate
    service of process has been effected and the defendant has had a reasonable opportunity to be heard and to present his or
    her evidence;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    liabilities under the judgment are enforceable according to the laws of the State of Israel and the judgment and the enforcement
    of the civil liabilities set forth in the judgment is not contrary to the law or public policy in Israel nor likely to impair
    the security or sovereignty of Israel;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    judgment was not obtained by fraud and does not conflict with any other valid judgments in the same matter between the same
    parties;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an
    action between the same parties in the same matter is not pending in any Israeli court at the time the lawsuit is instituted
    in the foreign court; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    judgment is enforceable according to the law of the foreign state in which the relief was granted.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
a foreign judgment is enforced by an Israeli court, it generally will be payable in Israeli currency, which can then be converted
into non-Israeli currency and transferred out of Israel. The usual practice in an action before an Israeli court to recover an
amount in a non-Israeli currency is for the Israeli court to issue a judgment for the equivalent amount in Israeli currency at
the rate of exchange in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending
collection, the amount of the judgment of an Israeli court stated in Israeli currency ordinarily will be linked to the Israeli
consumer price index plus interest at the annual statutory rate set by Israeli regulations prevailing at the time. Judgment creditors
must bear the risk of unfavorable exchange rates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_024"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> We
have filed with the SEC a registration statement on Form&nbsp;F-1 under the Securities Act relating to this offering of the ADSs.
This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of
the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made
in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information
about the documents summarized, but are not complete descriptions of all terms of these documents. If we filed any of these documents
as an exhibit to the registration statement, you may read the document itself for a complete description of its terms. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the
SEC without charge at the SEC's public reference room at 100&nbsp;F Street, N.E., Room&nbsp;1580, Washington, DC 20549. You may
also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100&nbsp;F Street,
N.E., Room&nbsp;1580, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference
room. The SEC also maintains an Internet website that contains reports and other information regarding issuers that file electronically
with the SEC. Our filings with the SEC are also available to the public through the SEC's website at http://www.sec.gov.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
completion of this offering, we will be subject to the information reporting requirements of the Exchange Act that are applicable
to foreign private issuers, and under those requirements will file reports with the SEC. Those other reports or other information
may be inspected without charge at the locations described above. As a foreign private issuer, we are exempt from the rules under
the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders
are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act. In
addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with
the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. However,
we will file with the SEC, within 120&nbsp;days after the end of each fiscal year, or such applicable time as required by the
SEC, an annual report on Form&nbsp;20-F containing financial statements audited by an independent registered public accounting
firm. We also intend to furnish certain other material information to the SEC under cover of Form 6-K.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, because our Ordinary Shares are traded on the TASE, we have filed Hebrew language periodic and immediate reports with,
and furnish information to, the TASE and the ISA, as required under Chapter Six of the Israel Securities Law. Copies of our filings
with the ISA can be retrieved electronically through the MAGNA distribution site of the ISA (<I><U>www.magna.isa.gov.il</U></I>)
and the TASE website (<I><U>www.maya.tase.co.il</U></I>).</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
maintain a corporate website at http://therapixbio.com. Information contained on, or that can be accessed through, our website
does not constitute a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual
reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_025"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THERAPIX
BIOSCIENCES LTD. </B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AS
OF DECEMBER 31, 2015</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; padding: 0 0 1.5pt; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_026"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Report
    of Independent Registered Public Accounting Firm</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><B>F-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_027"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Financial Position</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><B>F-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">3
    - F-4</FONT></B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_028"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Profit or Loss</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F-5</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_029"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Comprehensive Income</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><B>F-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_030"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Changes in Equity</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F-7
    - F-8</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_032"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Cash Flows</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F-9
    - F-10</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_033"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to Consolidated Financial Statements</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F-11
    - F-52</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>




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    <TD STYLE="width: 29%">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Kost
                                         Forer Gabbay &amp; Kasierer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
        Pal-Yam Blvd. Brosh Bldg.<BR>
        Haifa 3309502, Israel</FONT> </P></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
972 (4)8654000</FONT></P>
                                                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"> Fax: 972 (3)5633433 </P>

<P STYLE="margin: 0"> ey.com </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_026"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>To
the Board of Directors and Shareholders of</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THERAPIX
BIOSCIENCES LTD. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have audited the accompanying consolidated statements of financial position of Therapix Biosciences Ltd and its subsidiaries (&quot;the
Company&quot;) as of December 31, 2015 and 2014, and the related consolidated statements of profit or loss, comprehensive income,
changes in equity and cash flows for the years then ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial statements based on our audits.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 financial reporting.
Our audits included 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&rsquo;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of the Company and its subsidiaries as of December&nbsp;31, 2015 and 2014, and the consolidated results of
their operations and their cash flows for the years then ended, in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.
As described in Note 1c to the consolidated financial statements, for the year ended December 31, 2015, the Company incurred a
net loss totaling NIS&nbsp;10.2 million and had negative cash flows from operating activities totaling NIS&nbsp;5.2 million. These
factors, along with other factors described in Note 1c, raise substantial doubt about the Company's ability to continue as a going
concern. Management's plans with respect to these matters are also described in Note 1c. 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. </FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 59%; padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Haifa,
    Israel</FONT></TD>
    <TD STYLE="width: 41%; padding: 0; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/
    KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> October 6, 2016 </TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
    Member of Ernst &amp; Young Global</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_027"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 10pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">5</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">614</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">6,136</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">1,572</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15d</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Accounts receivable</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">6</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">102</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">279</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">72</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">760</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,459</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,655</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">NON-CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Investment in associate <BR></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187</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(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Equipment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">7</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">70</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">42</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">257</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">42</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,017</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,501</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,666</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Convenience translation
                                         into USD (Note 1b)<BR>
                                         December&nbsp;31,</P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 20pt">LIABILITIES AND EQUITY (DEFICIT)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: White">
    <TD STYLE="text-align: left">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 10pt">Trade payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">9</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,182</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">1,779</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">456</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Other accounts payable</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">10</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">132</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">215</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">55</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,314</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,994</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">511</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NON-CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Liabilities for Government grants</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">11</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">156</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">EQUITY (DEFICIT) ATTRIBUTABLE TO EQUITY HOLDERS OF THE
    COMPANY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,841</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Share premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,460</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,981</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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Share-based payment transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Foreign currency translation reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Transactions with non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(103,591</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(113,468</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(29,080</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(143</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(310</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(607</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(156</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total equity (deficit)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(453</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,507</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,155</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,017</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,501</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,666</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_028"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
                                         ended December 31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) year ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         in thousands</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">(except per share data)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Research and development expenses, net</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">18a</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(1,800</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(931</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(239</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">18b</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,238</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,297</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,357</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,038</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,228</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,596</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other income (expenses), net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">18d</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">115</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,734</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(957</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,962</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,553</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18c</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18c</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(427</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Company's share of losses of an associate</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(343</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(197</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(50</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,292</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,174</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,607</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity holders of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,207</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,531</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(85</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(297</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(76</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,292</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,174</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,607</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Basic and diluted net loss per share
    attributable to equity holders of the Company</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">19</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.45</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.43</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.11</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_029"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS COMPREHENSIVE INCOME</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
                                         ended December 31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) year ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         in thousands</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(7,292</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(10,174</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(2,607</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Other comprehensive income to be
    reclassified to profit or loss in subsequent periods:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Exchange difference on translation of foreign operations from associate</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total comprehensive loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,282</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,164</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,604</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Attributable to:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Equity holders of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,197</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,867</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,528</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(85</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(297</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(76</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,282</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,164</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,604</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_030"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="30" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Attributable to equity holders
    of the Company</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Issued</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>capital</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share premium</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share-based payment transactions</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Foreign currency translation
    reserve from associate</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transactions with non-controlling
    interests</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>controlling
                                         interests</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>equity</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at January 1, 2014</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">1,410</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">78,276</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">15,071</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">4,377</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">941</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(96,384</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">3,691</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(225</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">3,466</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss</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><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">(7,207</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,207</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,292</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total comprehensive loss</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">10</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">(7,207</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,197</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,282</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Issuance of shares and warrants (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,184</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">604</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">3,219</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">3,219</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Share-based payments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">144</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">144</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">144</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2014</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,841</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">80,460</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,215</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,981</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">941</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(103,591</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(143</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(310</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(453</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss</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><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">(9,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,174</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total comprehensive loss</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">10</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">(9,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,867</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,164</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Issuance of shares (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,858</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">-</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">5,664</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">5,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exercise of share options and warrants into shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,344</TD><TD STYLE="text-align: left">)</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">(661</TD><TD STYLE="text-align: left">)</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">5,022</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">5,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Expiration of warrants</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">4,320</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">(4,320</TD><TD STYLE="text-align: left">)</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><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; padding-bottom: 1.5pt">Share-based payments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,438</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,438</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,438</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Balance at December 31, 2015</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,540</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">95,772</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,309</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">20</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">941</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(113,468</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,114</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(607</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,507</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
                                         of issuance expenses of NIS&nbsp;290,000.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
                                         of issuance expenses of NIS&nbsp;84,000.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_031"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="30" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Attributable to equity holders
    of the Company</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Issued</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>capital</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share premium</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Share-based payment transactions</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Foreign currency translation
    reserve from associate</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transactions with non-controlling
    interests</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>controlling
                                         interests</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>equity</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Convenience translation into
    USD (note 1b) &nbsp;in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2014</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">472</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">20,620</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">3,899</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">2</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">1,276</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">241</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(26,548</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(37</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(79</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right">(116</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss</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">&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">&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">(2,531</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,531</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,607</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total comprehensive loss</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</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">(2,531</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,528</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,604</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Issuance of shares (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</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">&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">1,452</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">1,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exercise of share options and warrants into shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(345</TD><TD STYLE="text-align: left">)</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">(169</TD><TD STYLE="text-align: left">)</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">1,284</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">1,284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Expiration of warrants</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">1,107</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">(1,107</TD><TD STYLE="text-align: left">)</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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Share-based payments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,138</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,138</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,138</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&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">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Balance at December 31, 2015</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">907</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,542</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,694</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">241</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(29,079</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,309</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(156</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,154</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less
                                         issuance expenses of USD&nbsp;21,527.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_032"></A><B>THERAPIX BIOSCIENCES
LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
                                         ended December 31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) year ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         in thousands</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><U>Cash flows from operating activities</U>:</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(7,292</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(10,174</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(2,607</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash used&nbsp;in operating activities:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss (gain) from sale of equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Share-based payment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,137</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in liability to the Chief Scientist</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(191</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance expenses (income), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Company's share in losses of associate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Change in fair value of warrant liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(396</TD><TD STYLE="text-align: left">)</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; padding-bottom: 1.5pt">Change in fair value of financial derivatives</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">350</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">494</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,509</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,155</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Working capital adjustments:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Decrease (increase) in accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(177</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase (decrease) in trade payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(374</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Increase (decrease) in other accounts payable</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(211</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">83</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(565</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">503</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">129</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash received during the year for:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Interest received</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,358</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,162</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,323</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></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="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
                                         ended December 31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) year ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         in thousands</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><U>Cash flows from investing activities</U>:</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Proceeds from sale of equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">220</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">2</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">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease in restricted cash, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">283</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment in financial derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(350</TD><TD STYLE="text-align: left">)</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Investment in associate</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(520</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(369</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">Cash flows from financing activities:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from issuance of share capital and warrants (net of issuance expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Proceeds from exercise of share options and warrants</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,022</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,287</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,219</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,686</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,739</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase (decrease) in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,508</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,414</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash at the beginning of the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,122</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">614</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">157</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Cash at the end of the year</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">614</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,136</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,572</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</FONT></P>

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


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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="a_033"></A><B>THERAPIX BIOSCIENCES
LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    1:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GENERAL</B></FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; width: 56.7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; width: 28.35pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Therapix
    Biosciences Ltd. (&quot;Therapix&quot;), a pharmaceutical company, was incorporated in Israel and commenced its operations
    on August 23, 2004. Until March 2014, the Therapix and its subsidiaries (the &quot;Company&quot;) was mainly engaged in developing
    several innovative immunotherapy products and it owns patents in the immunotherapy field.</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0 0 0 85.05pt; text-align: left">In August 2015, the Company revised
its business strategy according to which it will focus on developing approved drugs based on cannabinoid molecules. The Company
is presently developing a cannabinoid based drug for Tourette syndrome using the entourage technology and is preparing to develop
a cannabinoid based drug for mild cognitive impairment using the low dose technology.</P>



<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company controls two subsidiaries, Orimmune Bio Ltd. and NasVax Inc., whose accounts
                                         are consolidated with those of the Company and owns approximately 27% of Lara Pharm Ltd.&rsquo;s
                                         share capital (&quot;Lara&quot;) &ndash; see Note 8. The headquarters of the Company
                                         is located in Tel-Aviv, Israel.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> The consolidated financial statements
of the Company and its subsidiaries for the year ended December&nbsp;31, 2015 were authorized for issue on October 6, 2016. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convenience
    translation into U.S. dollars (&ldquo;dollars&rdquo;, &ldquo;USD&rdquo; or &ldquo;$&rdquo;)</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the convenience of the reader, the reported New Israeli Shekel (NIS) amounts as of December 31, 2015, and for the year then ended
have been translated into dollars at the Bank of Israel&rsquo;s representative rate of exchange for December 31, 2015 (USD 1 =
NIS 3.902). The dollar amounts presented in these financial statements should not be construed as representing amounts that are
receivable or payable in dollars or convertible into dollars, unless otherwise indicated. The dollars amounts were rounded to
whole numbers for convenience.&#9;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company incurred a net loss of NIS&nbsp;10.2 million and had negative cash flows from
                                         operating activities of NIS&nbsp;5.2 million for the year ended December 31, 2015. As
                                         of December 31, 2015, the Company had an accumulated deficit of NIS&nbsp;113.5 million
                                         as a result of recurring operating losses. As discussed in Note&nbsp;1a above, the Company's
                                         business strategy is to focus on identifying and investing in promising bio-pharma technologies
                                         in the field of cannabinoid based treatments and, at the same time, to develop the existing
                                         technologies. These activities involve, among others, continuous development efforts
                                         and obtaining pertinent regulatory approvals.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    1:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GENERAL
    (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
as the Company presently has no activities that generate revenues, the Company's continued operation is dependent on its ability
to raise funding from external sources. This dependency will continue until the Company will be able to finance its operations
by selling its products or commercializing its technology.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's management believes that the balance of cash held by the Company may not be sufficient to finance its operating activities.
These factors raise substantial doubt about the Company's ability to continue as a going concern.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's management is focusing on securing the Company's financial stability by, among others, exploring the alternatives of
pursuing a public offering of equity, as well as raising capital from private investors including existing shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following accounting policies have been applied consistently in the financial statements for all periods presented, unless otherwise
stated.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basis
                                         of presentation of the financial statements:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board (IASB).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's financial statements have been prepared on a cost basis, unless otherwise indicated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has elected to present the profit or loss items using the function of expense method.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         operating cycle:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
operating cycle of the Company is one year.</FONT></P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated
    financial statements:</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements include the financial statements of companies that are controlled by the Company (subsidiaries).
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. The consolidation of the financial statements commences
on the date on which control is obtained and ends when such control ceases.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
financial statements of the Company and of the subsidiaries are prepared as of the same dates and periods. The accounting policies
applied in the financial statements of the subsidiaries are uniform and consistent with the policies applied in the financial
statements of the Company. Significant intragroup balances and transactions and gains or losses resulting from intragroup transactions
are eliminated in full in the consolidated financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling
interests in subsidiaries represent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling
interests are presented in equity separately from the equity attributable to the equity holders of the Company. Losses are attributed
to non-controlling interests even if they result in a negative balance of non-controlling interests in the consolidated statement
of financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Functional
                                         currency and foreign currency:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Functional
                                         currency and presentation currency:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
financial statements are presented in NIS since the Company believes that financial statements in NIS provide more relevant information
to the investors and users of the financial statements who are located in Israel. The Company determines the functional currency
of each entity, including companies accounted for at equity. The functional currency of the Company and Orimmune Bio Ltd. is the
NIS while the functional currency of NasVax Inc. and Lara is the USD.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transactions,
                                         assets and liabilities in foreign currency:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transactions
denominated in foreign currency (other than the functional currency) are recorded upon initial recognition at the exchange rate
at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are
translated at each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences are
recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currency and measured at cost are translated
at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured
at fair value are translated into the functional currency using the exchange rate prevailing at the date when the fair value was
determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left">&nbsp;</P>


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments
                                         in associates:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Associates
are companies in which the Company has significant influence over the financial and operating policies without having control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's investment in associates is accounted for using the equity method.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Losses
of an associate in amounts which exceed its equity are recognized by the Company up to the carrying amount of its investment in
the associate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the equity method, the investment in the associate is presented at cost with the addition of post-acquisition changes in the Company's
share of net assets, including other comprehensive income of the associate. Gains and losses resulting from transactions between
the Company and the associate are eliminated to the extent of the interest in the associate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill
relating to the acquisition of an associate is included in the carrying amount of the investment and is not tested for impairment
separately.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
financial statements of the Company and of the associate are prepared as of the same dates and periods. The accounting policies
applied in the financial statements of the associate consistent with the policies applied in the financial statements of the Company.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         instruments:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         assets:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
assets within the scope of IAS 39 (accounts receivable) are initially recognized at fair value plus directly attributable transaction
costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
initial recognition, accounts receivable are measured at amortized cost.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         instruments (cont.)</FONT>:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         liabilities:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
liabilities are initially recognized at fair value. Loans and other liabilities measured at amortized cost are presented net of
direct transaction costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
initial recognition, the accounting treatment of financial liabilities is based on their classification as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 113.4pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         liabilities at amortized cost:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
initial recognition, loans and other liabilities are measured based on their terms at amortized cost less directly attributable
transaction costs using the effective interest method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 113.4pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         liabilities at fair value through profit or loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
liabilities at fair value through profit or loss include financial liabilities classified as held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
liabilities are classified as held for trading if they are acquired for the purpose of sale in the near term. Gains or losses
on liabilities held for trading are recognized in profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Offsetting
                                         of financial instruments:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position
if there is a legal enforceable right to offset the recognized amounts and there is an intention either to settle on a net basis
or to realize the asset and settle the liability simultaneously.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
right of offset must be legally enforceable not only during the ordinary course of business of the parties to the contract but
also in the event of bankruptcy or insolvency of one of the parties. In order for the right of offset to be currently available,
it must not be contingent on a future event, there may not be periods during which the right is not available, or there may not
be any events that will cause the right to expire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issue
                                         of a unit of securities:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
issue of a unit of securities involves the allocation of the proceeds received (before issuance expenses) to the securities issued
in the unit based on the following order: financial derivatives and other financial instruments measured at fair value in each
period. Then fair value is determined for financial liabilities that are measured at amortized cost. The proceeds allocated to
equity instruments are determined to be the residual amount. Issuance costs are allocated to each component pro rata to the amounts
determined for each component in the unit.</FONT><BR CLEAR="ALL"></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         instruments (cont.)</FONT>:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derecognition
                                         of financial instruments:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 113.4pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         assets:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire or the Company has
transferred its contractual rights to receive cash flows from the financial asset or assumes an obligation to pay the cash flows
in full without material delay to a third party and has transferred substantially all the risks and rewards of the asset, or has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 113.4pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         liabilities:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Impairment
                                         of financial assets:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company assesses at each reporting date whether there is any objective evidence of impairment of a financial asset or group of
financial assets as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Financial
assets carried at amortized cost:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Objective
evidence of impairment exists when one or more events that have occurred after initial recognition of the asset have a negative
impact on the estimated future cash flows. The amount of the loss recorded in profit or loss is measured as the difference between
the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not
yet been incurred) discounted at the financial asset's original effective interest rate. If the financial asset has a variable
interest rate, the discount rate is the current effective interest rate. In a subsequent period, the amount of the impairment
loss is reversed if the recovery of the asset can be related objectively to an event occurring after the impairment was recognized.
The amount of the reversal, up to the amount of any previous impairment, is recorded in profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left">&nbsp;</P>


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         instruments (cont.)</FONT>:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Investment
in associate or joint venture:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
application of the equity method, the Company determines whether it is necessary to recognize any additional impairment loss with
respect to the investment in associates or joint ventures. The Company determines at each reporting date whether there is objective
evidence that the carrying amount of the investment in the associate or the joint venture is impaired. The test of impairment
is carried out with reference to the entire investment, including the goodwill attributed to the associate or the joint venture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leases:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
criteria for classifying leases as finance or operating leases depend on the substance of the agreements and are made at the inception
of the lease in accordance with the following principles as set out in IAS 17.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Company as lessee - operating lease:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leases
in which substantially all the risks and rewards of ownership of the leased asset are not transferred to the Company are classified
as operating leases. Lease payments are recognized as an expense in profit or loss on a straight-line basis over the lease term.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property,
                                         plant and equipment:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property,
plant and equipment are measured at cost, including direct acquisition costs, less accumulated depreciation, accumulated impairment
losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary
equipment that are used by plant and equipment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation
is calculated on a straight-line basis over the useful life of the assets at annual rates as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85.05pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Lab equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Computers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Office furniture and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leasehold
improvements are depreciated on a straight-line basis over the shorter of the lease term (including the extension option held
by the Company and intended to be exercised) and the expected life of the improvement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted
for prospectively as a change in accounting estimate. As for testing the impairment of property, plant and equipment, see k below.</FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation
of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized.</FONT></P>


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


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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
                                         and development expenditures:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
expenditures are recognized in profit or loss when incurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
conditions enabling capitalization of development costs as an asset have not yet been met and, therefore, all development expenditures
are recognized in profit or loss when incurred.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Impairment
                                         of non-financial assets:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company evaluates the need to record an impairment of the carrying amount of non-financial assets (property, plant and equipment)
whenever events or changes in circumstances indicate that the carrying amount is not recoverable. If the carrying amount of non-financial
assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the higher
of fair value less costs of sale and value in use.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">l.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Government
                                         grants:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Government
grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the
attached conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Government
grants received from the Office of the Israeli Chief Scientist at the Ministry of Industry, Trade and Labor (&quot;the Chief Scientist&quot;)
are recognized upon receipt as a liability if future economic benefits are expected from the research project that will result
in royalty-bearing sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
liability is first measured at fair value using a discount rate that reflects a market rate of interest. The difference between
the amount of grant received and the fair value of the liability is accounted for as a Government grant and recognized as a reduction
of research and development expenses. After initial recognition, the liability is measured at amortized cost using the effective
interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits are expected from the research
activity, the grant receipts are recognized as a reduction of the related research and development expenses. In that event, the
royalty obligation is treated as a contingent liability in accordance with IAS 37.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
each reporting date, the Company evaluates whether there is reasonable assurance that the liability recognized, in whole or in
part, will not be repaid (since the Company will not be required to pay royalties) based on the best estimate of future sales
and using the original effective interest method and, if so, the appropriate amount of the liability is derecognized against other
income.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amounts
paid as royalties are recognized as a settlement of the liability.</FONT></P>

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


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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES<I> </I>(Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">m.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes
                                         on income:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other
comprehensive income or equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
                                         taxes:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting
date as well as adjustments required in connection with the tax liability in respect of previous years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred
                                         taxes:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
it is presently not probable that the Company will generate taxable income in the future, no deferred tax assets have been recognized
in the consolidated financial statements in respect of carryforward tax losses and other temporary differences. At each reporting
date, temporary differences (such as carryforward tax losses) for which deferred tax assets had not been recognized are reviewed
and a respective deferred tax asset is recognized to the extent that their utilization is probable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt; padding-left: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n.</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
    payment transactions:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's employees and other service providers are entitled to remuneration in the form of share-based payments (&quot;equity-settled
transactions&quot;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Equity-settled
transactions:</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
cost of equity-settled transactions with employees is measured at the fair value of the equity instruments at grant date. The
fair value is determined using an acceptable option pricing model; see additional information in Note 17.<B> </B>In estimating
fair value, the vesting conditions (consisting of service conditions and performance conditions other than market conditions)
are not taken into account. The only conditions taken into account in estimating fair value are market conditions and non-vesting
conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
for other service providers, when the Company is unable to reliably estimate the fair value of the services received, the cost
of the transactions is measured at the fair value of the equity instruments granted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity, during the
period in which the performance or service conditions are to be satisfied, ending on the date on which the relevant employees
become fully entitled to the award (&quot;the vesting period&quot;). The cumulative expense recognized for equity-settled transactions
at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the
Company's best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that
do not ultimately vest.</FONT></P>

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


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">o.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee
                                         benefit liabilities:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has several employee benefit plans:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term
                                         employee benefits:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term
employee benefits are benefits that are expected to be settled less then twelve months from the end of the reporting period in
which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave, recreation
and social security contributions and are recognized as expenses as the services are rendered. A liability in respect of a cash
bonus or a profit-sharing plan is recognized when the Company has a legal or constructive obligation to make such payment as a
result of past service rendered by an employee and a reliable estimate of the amount can be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-employment
                                         benefits:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined
benefit plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has defined contribution plans pursuant to section 14 to the Severance Pay Law in Israel under which the Company pays
fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient
amounts to pay all employee benefits relating to employee service in the current and prior periods. Contributions to the defined
contribution plan in respect of severance or retirement pay are recognized as an expense when contributed concurrently with performance
of the employee's services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">p.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenue
                                         recognition:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has not yet generated any revenues from the sale of goods or from the rendering of services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">q.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
                                         income and expenses:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
income comprises interest income on amounts invested and exchange rate gains. Interest income is recognized as it accrues using
the effective interest method.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
expenses comprise changes in the fair value of financial liabilities measured at fair value through profit or loss and exchange
rate losses. Borrowing costs are recognized in profit or loss using the effective interest method.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    2:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES<I> </I>(Cont.)</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">r.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings
                                         (loss) per share:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings
(loss) per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted
number of Ordinary shares outstanding during the period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic
loss per share includes only shares that were outstanding during the period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Potential
Ordinary shares are included in the computation of diluted loss per share when their conversion increases loss per share from
continuing operations.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    3:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the process of applying the significant accounting policies, the Company has made the following judgments which have the most
significant effect on the amounts recognized in the financial statements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Judgments:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Classification
                                         of leases:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
order to determine whether to classify a lease as a finance lease or an operating lease, the Company evaluates whether the lease
transfers substantially all the risks and rewards incidental to ownership of the asset. In this respect, the Company evaluates
such criteria as the existence of a bargain purchase option, the lease term in relation to the economic life of the asset and
the present value of the minimum lease payments in relation to the fair value of the asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Determining
                                         the fair value of share-based payment transactions:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of share-based payment transactions is determined upon initial recognition by an acceptable option pricing model. The
inputs to the model include share price and exercise price and assumptions regarding expected volatility, expected life of the
share option, expected dividend and risk-free interest rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimates
                                         and assumptions:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preparation of the financial statements requires management to make estimates and assumptions that have an effect on the application
of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses. Changes in accounting estimates
are reported in the period of the change in estimate.</FONT></P>

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


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    3:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimates
                                         and assumptions (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
key assumptions made in the financial statements concerning uncertainties at the reporting date and the critical estimates computed
by the Company that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below.</FONT></P>

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

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grants
                                         from the Chief Scientist:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Government
grants received from the Chief Scientist are recognized as a liability if future economic benefits are expected from the research
and development activity that will result in royalty-bearing sales. There is uncertainty regarding the estimated future cash flows
and estimated discount rate used to measure the amount of the liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    4:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISCLOSURE
    OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendments
                                         to IAS 7, &quot;Statement of Cash Flows&quot;, regarding additional disclosures of financial
                                         liabilities:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2016, the IASB issued amendments to IAS 7, &quot;Statement of Cash Flows&quot;, (&quot;the amendments&quot;) which require
additional disclosures regarding financial liabilities. The amendments require disclosure of the changes between the opening balance
and the closing balance of financial liabilities, including changes from cash flows from financing activities, changes arising
from obtaining or losing control of subsidiaries, changes in foreign exchange rates and changes in fair value.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
amendments are to be applied for annual periods beginning on or after January 1, 2017. Comparative information for periods prior
to the effective date of the amendments is not required. Early adoption is permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company will include the necessary disclosures in the financial statements when applicable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IFRS
                                         16, &quot;Leases&quot;:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2016, the IASB issued IFRS 16, &quot;Leases&quot; (&quot;the new Standard&quot;). According to the new Standard, a lease
is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration.</FONT></P>

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


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    4:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISCLOSURE
    OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IFRS
                                         16, &quot;Leases&quot; (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to the new Standard:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lessees
                                         are required to recognize an asset and a corresponding liability in the statement of
                                         financial position in respect of all leases (except in certain cases) similar to the
                                         accounting treatment of finance leases according to the existing IAS 17, &quot;Leases&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lessees
                                         are required to initially recognize a lease liability for the obligation to make lease
                                         payments and a corresponding right-of-use asset. Lessees will also recognize interest
                                         and depreciation expenses separately.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Variable
                                         lease payments that are not dependent on changes in the Israeli CPI or interest rates,
                                         but are based on performance or use (such as a percentage of revenues) are recognized
                                         as an expense by the lessees as incurred and recognized as income by the lessors as earned.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         the event of change in variable lease payments that are CPI-linked, lessees are required
                                         to remeasure the lease liability and the effect of the remeasurement is an adjustment
                                         to the carrying amount of the right-of-use asset.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         new Standard includes two exceptions according to which lessees are permitted to elect
                                         to apply a method similar to the current accounting treatment for operating leases. These
                                         exceptions are leases for which the underlying asset is of low value and leases with
                                         a term of up to one year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         accounting treatment by lessors remains substantially unchanged, namely classification
                                         of a lease as a finance lease or an operating lease.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
new Standard is to be applied for annual periods beginning on or after January 1, 2019. Early adoption is permitted provided that
IFRS 15, &quot;Revenue from Contracts with Customers&quot;, is applied simultaneously.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
leases existing at the date of transition, the new Standard permits lessees to use either a full retrospective approach, or a
modified retrospective approach, with certain transition relief whereby restatement of comparative data is not required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company believes that the new Standard is not expected to have a material impact on the financial statements.</FONT></P>

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


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    4:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISCLOSURE
    OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IFRS
                                         9, &quot;Financial Instruments&quot;:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
July 2014, the IASB issued the final and complete version of IFRS 9, &quot;Financial Instruments&quot; (&quot;IFRS 9&quot;), which
replaces IAS 39, &quot;Financial Instruments: Recognition and Measurement&quot;. IFRS 9 mainly focuses on the classification and
measurement of financial assets and it applies to all assets in the scope of IAS 39.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to IFRS 9, all financial assets are measured at fair value upon initial recognition. In subsequent periods, debt instruments are
measured at amortized cost only if both of the following conditions are met:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         asset is held within a business model whose objective is to hold assets in order to collect
                                         the contractual cash flows.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         contractual terms of the financial asset give rise on specified dates to cash flows that
                                         are solely payments of principal and interest on the principal amount outstanding.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subsequent
measurement of all other debt instruments and financial assets should be at fair value. IFRS 9 establishes a distinction between
debt instruments to be measured at fair value through profit or loss and debt instruments to be measured at fair value through
other comprehensive income.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
assets that are equity instruments should be measured in subsequent periods at fair value and the changes recognized in profit
or loss or in other comprehensive income (loss), in accordance with the election by the Company on an instrument-by-instrument
basis. If equity instruments are held for trading, they should be measured at fair value through profit or loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to IFRS 9, the provisions of IAS 39 will continue to apply to derecognition and to financial liabilities for which the fair value
option has not been elected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to IFRS 9, changes in fair value s of financial liabilities which are attributable to the change in credit risk should be presented
in other comprehensive income. All other changes in fair value should be presented in profit or loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IFRS
9 also prescribes new hedge accounting requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IFRS
9 is to be applied for annual periods beginning on January 1, 2018. Early adoption is permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company believes that the new Standard is not expected to have a material impact on the financial statements.</FONT></P>

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


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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTE
    5:-</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CASH</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b)<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Cash for immediate withdrawal - in NIS</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">593</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: 8%; text-align: right">4,197</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: 8%; text-align: right">1,075</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash for immediate withdrawal - in USD</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,939</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">497</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">614</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,136</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,572</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTE
    6:-</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ACCOUNTS
    RECEIVABLE</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD (Note 1b) December&nbsp;31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Prepaid expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27</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: 8%; text-align: right">147</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: 8%; text-align: right">38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Value added tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other receivables</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">102</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">279</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">72</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    7:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUIPMENT</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015:</B></FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Computers</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Lab equipment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Office furniture and equipment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Cost:</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: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Balance at January 1, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">212</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: 8%; text-align: right">272</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: 8%; text-align: right">66</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: 8%; text-align: right">550</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Additions during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</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">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Disposals during the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(142</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(229</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(19</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(390</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">73</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">44</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">47</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">164</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Accumulated depreciation:</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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Balance at January 1, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Additions during the year</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">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Disposals during the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(117</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(240</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(12</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(369</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">70</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">122</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Depreciated cost at December&nbsp;31, 2015</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">42</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Depreciated cost at December&nbsp;31,
    2015 (convenience translation into USD) (note 1b)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">11</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    7:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUIPMENT
    (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014:</B></FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Computers</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Lab equipment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Office furniture and equipment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Leasehold improvements</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Cost:</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: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Balance at January 1, 2014</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">310</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: 8%; text-align: right">857</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: 8%; text-align: right">161</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: 8%; text-align: right">374</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: 8%; text-align: right">1,702</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Additions during the year</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">2</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">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Disposals during the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(98</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(585</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(97</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(374</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,154</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2014</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">212</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">272</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">66</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">550</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Accumulated depreciation:</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">&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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Balance at January 1, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">808</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,384</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Additions during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Disposals during the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(78</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(580</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(37</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(355</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,050</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Balance at December 31, 2014</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">187</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">262</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">31</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">480</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Depreciated cost at December&nbsp;31, 2014</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">25</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">35</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">70</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    8:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INVESTMENT
    IN ASSOCIATE</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in investment during the year:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 85.05pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Cost of shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">520</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: 8%; text-align: right">520</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: 8%; text-align: right">133</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Post-acquisition losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(540</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(138</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Foreign currency translation reserve</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">20</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Balance at December 31</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">187</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    8:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INVESTMENT
    IN ASSOCIATE (Cont.)</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
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    <TD STYLE="width: 56.7pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional
    information:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April&nbsp;2, 2014, the Company entered into an investment agreement with Lara, an Israeli company that operates in the field
of medical cannabis and is developing a synthesized formulation that is based on cannabinoids (active components found in the
cannabis plant) to be administered through an inhaler. On June&nbsp;15, 2014, a final investment agreement was signed between
the parties which determined, among others, that the Company will invest in Lara up to a total of USD&nbsp;1.5 million, subject
to the fulfillment of several prerequisites (the &quot;Investment Agreement&quot;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the Investment Agreement the Company undertook to transfer to Lara an initial investment amount of USD&nbsp;800,000 against shares
that will represent about 48% of Lara's issued and outstanding share capital (approximately 27% on a fully diluted basis including
options to employees and consultants). The Company transferred to Lara USD&nbsp;250,000 under the Investment Agreement during
2014. Under the Investment Agreement, the Company initially recorded an investment in an associate in the net amount of NIS 520,000
and an investment in a financial derivative (option) in the amount of NIS 350,000. During 2014, the Company recorded its share
in Lara's losses in the amount of NIS 343,000 and other comprehensive income related to exchange difference of NIS 10,000. As
of December 31, 2014, the financial derivative was written off since its fair value was determined to be NIS 0. During 2015, the
Company recorded its share in Lara's losses in the amount of NIS 197,000 and other comprehensive income related to exchange difference
of NIS 10,000. Following meetings held between the Company and Lara, on August&nbsp;13, 2015, the latter informed the Company
of its unilateral cancellation of the Investment Agreement because Lara claims, among others, that the Company does not plan on
making additional investments in Lara. The Company has explained that it is not required to invest more funds in Lara unless conditions
and/or milestones that are described in the Investment Agreement have been met. Accordingly, the Company opposes the unilateral
cancellation of the Investment Agreement and the Company has officially informed Lara of that. As of December 31, 2015, the Company
continues to hold shares of Lara representing approximately a 27% interest in the share capital of Lara and a director nominated
by the Company serves on Lara's board of directors. See Note 22h.</FONT></P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    9:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRADE
    PAYABLES</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Accounts payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">296</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: 8%; text-align: right">433</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: 8%; text-align: right">111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accrued expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">886</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,346</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">345</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,182</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,779</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">456</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    10:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OTHER
    ACCOUNTS PAYABLE</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD (Note 1b)</B></FONT><BR>
                                         <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December&nbsp;31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Employees and payroll accruals</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">101</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: 8%; text-align: right">132</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: 8%; text-align: right">34</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accrued vacation</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">31</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">83</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">132</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">215</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">55</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    11:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIABILITIES
    FOR GOVERNMENT GRANTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b) December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Balance at January 1,</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">128</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: 8%; text-align: right">156</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: 8%; text-align: right">40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Amounts carried to financing in the statement of profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Change in liability to the Chief Scientist</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(29</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(191</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(49</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Balance at December 31,</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">156</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Presented in the consolidated statements of financial position in:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Non-current liabilities</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">156</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

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    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    11:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIABILITIES
    FOR GOVERNMENT GRANTS (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company received research and development participation grants from the Chief Scientist and, in return, undertook to pay the Chief
Scientist royalties at the rates prescribed by law and the Regulations for Encouragement of Industrial Research and Development
(Rate of Royalties and Tools for their Implementation), 1996 and the procedures of the Industrial Research and Development Administration
(at a rate of 3% in the first three years and 3.5% from the fourth year on sales of products resulting from the sponsored research
and development as above), all until the full repayment of the grant. The grant is linked to the dollar and bears interest according
to the Chief Scientist's terms. As of December 31, 2015, the Company does not anticipate to repay the grant in respect of the
Anti-CD3 project and, accordingly, it eliminated the balance of the liability with a corresponding credit to other income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
grants received from the Chief Scientist through December 31, 2015 amounted to NIS&nbsp;15.4 million. No royalties have been paid
yet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    12:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FINANCIAL
    INSTRUMENTS</B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Classification
                                         of financial assets and financial liabilities:</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         financial assets and financial liabilities in the balance sheet are classified by groups
                                         of financial instruments pursuant to IAS&nbsp;39:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Convenience translation into USD (Note 1b)<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Financial assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 85.05pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Cash and restricted cash</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 4pt double; text-align: right">658</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 4pt double; text-align: right">6,180</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 4pt double; text-align: right">1,584</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Financial liabilities:</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">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">Financial liabilities carried at amortized cost</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,314</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,994</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">511</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         risk factors:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's activities expose it to various financial risks such as market risks (foreign currency risk and interest risk), credit
risk and liquidity risk. The Company's comprehensive risk management plan focuses on activities that reduce to a minimum any possible
adverse effects on the Company's financial performance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk
management is performed by management in accordance with the policies approved by the Company's board of directors (the &quot;Board&quot;).
The Board establishes written principles for the overall risk management activities as well as specific policies with respect
to certain exposures to risks such as exchange rate risk, credit risk and the investments of surplus funds.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE
    12:-</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FINANCIAL
    INSTRUMENTS (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
                                         risk factors (cont.): </FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
                                         risks:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Foreign
currency risk:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is exposed to exchange rate risk resulting from the exposure to different currencies, mainly the U.S. dollar. Exchange
rate risk arises from recognized liabilities that are denominated in a foreign currency other than the functional currency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Credit
                                         risks:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
cash and cash equivalents are held in three banks in Israel which are considered financially solid.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquidity
                                         risk:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company monitors the risk of a shortage of funds on a regular basis and acts to raise funds to satisfy its liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
table below presents the maturity profile of the Company's financial liabilities based on contractual undiscounted payments (including
interest payments):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December
31, 2015:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Less than one year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Over four years</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 113.4pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Trade payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,779</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: 8%; 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: 8%; text-align: right">1,779</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other accounts payable</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">215</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">215</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,994</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,994</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December
31, 2014:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left">&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="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Less than one year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Over four years</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="width: 113.4pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Trade payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,182</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: 8%; 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: 8%; text-align: right">1,182</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left">Other accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</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">132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Liability for Government grants</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,254</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,254</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,314</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,254</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,568</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
carrying amounts of cash, accounts receivable, trade payables, other accounts payable and the liability to the Chief Scientist
approximate their fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;13:-</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EMPLOYEE BENEFIT LIABILITIES</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee
benefits consist of short-term benefits and post-employment benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Post-employment
benefits:</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to the labor laws and the Israeli Severance Pay Law, 1963 (the &quot;Severance Pay Law&quot;), the Company is required to pay
compensation to an employee upon dismissal or retirement or to make current contributions in defined contribution plans pursuant
to section 14 to the Severance Pay Law, as specified below. The Company's liability is accounted for as a post-employment benefit.
The computation of the Company's employee benefit liability is made in accordance with a valid employment contract based on the
employee's salary and employment term which establish the entitlement to receive the compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
post-employment benefits are normally financed by contributions classified as defined benefit plans or as defined contribution
plans as detailed below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Defined
contribution plans:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
14 to the Severance Pay Law applies to a substantial part of the compensation payments, pursuant to which the fixed contributions
paid by the Company into pension funds and/or policies of insurance companies release the Company from any additional liability
to employees for whom said contributions were made. These contributions and contributions for compensation represent defined contribution
plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: center; text-indent: 28.35pt"><B>&nbsp;</B></P><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>Year
                                         ended December 31,</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">Convenience
    translation into USD (Note 1b) year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">USD
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56.7pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Expenses in respect of defined
    contribution plans</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">114</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">96</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;14:-</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAXES ON INCOME</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
                                         rates applicable to the Company:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Israeli corporate tax rate was 26.5% in 2015 and 2014.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
company is taxable on its real (non-inflationary) capital gains at the corporate tax rate in the year of sale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
August 2013, the &quot;Knesset&quot; (Israeli parliament) issued the Law for Changing National Priorities (Legislative Amendments
for Achieving Budget Targets for 2013 and 2014), 2013, which relates to, among others, the taxation of revaluation gains effective
from August 1, 2013.</FONT></P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;14:-</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAXES ON INCOME
    (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
                                         rates applicable to the Company (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
provisions regarding revaluation gains will become effective only after the publication of regulations defining what should be
considered as &quot;retained earnings not subject to corporate tax&quot; and regulations that set forth provisions for avoiding
double taxation of foreign assets. As of the date of approval of these financial statements, these regulations have not been issued.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 4, 2016, the &quot;Knesset&quot; plenum approved the second and third readings the Bill for Amending the Income Tax Ordinance
(No. 217) (Reduction of Corporate Tax Rate), 2015, which consists of the reduction of the corporate tax rate from 26.5% to 25%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company estimates that the change in the tax rates will have no effect on the financial statements in 2016.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
                                         assessments:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
assessments of the Company are deemed final through the 2011 tax year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carryforward
                                         tax losses and other temporary differences:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has carry forward tax losses totaling approximately NIS&nbsp;84 million as of December 31, 2015.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
deferred tax asset relating to carry forward losses and to other temporary differences has been recognized because its utilization
in the foreseeable future is not probable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Theoretical tax:</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
difference between the tax benefit calculated in respect of the pre-tax loss at the regular corporate tax rate applicable to the
Company and the tax benefit (zero) recorded in the statement of profit or loss in all reporting periods mainly arises from losses
for tax purposes for which no deferred taxes were recognized because their utilization in the foreseeable future is not probable.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;15:-</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONTINGENT LIABILITIES,
    COMMITMENTS AND LIENS</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commitments
                                         - BBS technology:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2014, the Company reported that it received a letter from Ramot at Tel-Aviv University Ltd. (&quot;Ramot&quot;), the Tel-Aviv
University's technology transfer company, in which Ramot announced its intention to terminate the license and research agreement
in connection with the BBS technology (the Alzheimer's drug). The Company's position is that Ramot's announcement is illegitimate
and groundless. The parties have negotiated the disputes between them in order to reach an agreed solution including in matters
related to the Chief Scientist, and at the beginning of October 2014, reached an agreement on an outline according to which the
Company will return the license to Ramot, including the exclusive license to use and commercialize the assets and knowhow gained
at the Company during the licensed term (&quot;the Company's assets and knowhow&quot;) and, in return, if the Company's assets
and knowhow are being commercialized, the Company will receive royalties in the future (in the scope, percentages and conditions
as determined) (&quot;the Agreed Outline&quot;). After the Agreed Outline became effective, the parties agreed that the license
agreement will become null and void and that any monetary and/or other liability between the parties will become null and void
including the Company's undertaking to bear the costs of registration and/or maintaining the patents effective from the cancellation
date as above and thereafter such that Ramot will be responsible for such debts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&nbsp;15, 2015, the Company reported that to the best of its knowledge the Israel Securities Authority is conducting an administrative
inquiry in connection with the Company's reports regarding the BBS technology and the intention to cancel Ramot's license to the
technology. Based on an estimate of the Company's legal counsel, a provision was recorded in the accounts for potential monetary
sanction.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commitment
                                         &ndash; New Ramot Agreement</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84.45pt; text-align: left">On June 28, 2015, the Company
entered into a memorandum of understanding with Ramot for the use of Ramot technology in research and licensing the use of a low
dose of cannabinoid type THC as a treatment for mild cognitive impairment.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to the memorandum of understanding, the agreement will consist of an agreed research plan which will last twelve months from the
date of approval of the agreement and it will include, among others, granting an exclusive right to develop products based on
the technology. The Company will support the research project according to a research budget to be approved by the parties. The
outcome of the research project, including the joint intellectual property that will be developed under the research project,
will be jointly owned by the parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;15:-</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONTINGENT LIABILITIES,
    COMMITMENTS AND LIENS (Cont.)</B></FONT></TD></TR>
</TABLE>


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

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commitment
                                         - Dekel Pharmaceuticals Ltd.:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January&nbsp;11, 2015, the Company's Board approved to enter into a binding term sheet with Dekel Pharmaceuticals Ltd. (a private
company controlled by the Company's chairman, Mr. Asher Shmulevitz) (&quot;Dekel&quot;, together with the Company, the &quot;Parties&quot;)
which outlines the key elements of signing a final and detailed license agreement regarding Dekel's technology and intellectual
property, consisting also of a share option granted to Dekel to invest (by itself and/or others) (the &quot;License Agreement&quot;)
USD&nbsp;0.5 million in the Company's shares at an exercise price of NIS&nbsp;0.5 per share (the &quot;Initial Option&quot;),
such that on the issuance date of the Initial Option, it may be exercised into 3,876,000 shares. The Initial Option shall expire
within 90 days after the effective date of the License Agreement (unless the Initial Option has been exercised beforehand) (the
&quot;Initial Option Expiration Date&quot;). Dekel was also granted a share option to make an equity investment of USD&nbsp;2
million at an exercise price of NIS&nbsp;0.65 per share, such that it may be exercised into 11,926,154 shares for a 12-month period
following the Initial Option Expiration Date, provided that a portion of the Initial Option has been exercised (the &quot;Additional
Option&quot;). On May&nbsp;20, 2015, the Company's Board approved the License Agreement and on June&nbsp;10, 2015, the Company's
shareholders approved the License Agreement which sets a combined outline of the conditions for granting the Company the license
to Dekel's technology (the Entourage Technology) and the conditions for Dekel's equity investment (by itself and/or others), as
set out above. Furthermore, the License Agreement details payments to Dekel based on the achievement of future milestones, royalties
amounting to 8% of net sales and 35% of sub-licenses sales and, on the closing date of the License Agreement, an advance payment
to Dekel of NIS&nbsp;100,000 (payable by means of 200,000 Ordinary shares of the Company at a price of NIS&nbsp;0.5 per share
to be offset against future royalties).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August&nbsp;19, 2015, the Tel Aviv Stock Exchange (&quot;TASE&quot;) approved the above issuance of share options to Dekel by
the Company. Yet, as of December 31, 2015, the approval of the TASE for the issuance of 200,000 shares associated with the advance
payment of NIS&nbsp;100,000 under the License Agreement has not been obtained. The Parties agreed that the receipt of approval,
from the TASE, for the issuance of shares as advance payment, as noted above, would not constitute a condition for the execution
of the License Agreement. Accordingly, all of the preliminary conditions for the License Agreement have been fulfilled and, on
August&nbsp;19, 2015, the License Agreement became effective. It is clarified, that Dekel's waiver on receiving approval from
the TASE as a condition for the execution of the License Agreement, does not amount to a waiver of the issuance of 200,000 shares.
Accordingly, the advance payment of NIS&nbsp;100,000 was expected to be paid by issuance of the Company's shares, as stated above,
if the approval of the TASE is obtained or in any other way agreed upon between the Parties.</FONT></P>



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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;15:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONTINGENT
    LIABILITIES, COMMITMENTS AND LIENS (Cont.)</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commitment
                                         - Dekel Pharmaceuticals Ltd. (cont.):</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of the Initial Option and the Additional Option, at the grant date, was estimated at approximately NIS&nbsp;3.9 million
(the &quot;Option Value&quot;). The Option's Value was calculated, on the grant date, using the Black - Scholes model based on
the exercise price indicated above, a volatility rate of 83%, a price per share of NIS&nbsp;0.897, a risk-free interest rate of
0.1% per year and an expected life of 0.25 years. In addition, a non-marketability premium was taken into account.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Due
to the uncertainty regarding the availability of adequate technical, financial and other resources to complete the development
of the technology, the Company did not meet the criteria to record an intangible asset under IAS 38. Accordingly, an expense of
NIS&nbsp;3.9 million was recognized in the statement of profit or loss under other expenses.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
                                         lease commitments:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company signed an agreement with a third party for the lease of offices in Azrieli towers, Tel Aviv, with area of 100 square meters
through June&nbsp;30, 2016 for a monthly rental of approximately NIS&nbsp;18,300, linked to the Israeli CPI.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Future
minimum lease payments under the existing lease contracts as of December 31, 2015 total NIS&nbsp;110,000 for 2016.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liens:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
secure the Company's obligation for the lease of the offices, the Company provided a bank guarantee of NIS&nbsp;44,000 in favor
of the lessor. To secure the bank guarantee, the Company pledged such amount in a bank account.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;16:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUITY</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Composition
    of share capital:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> December
    31, 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> December
    31, 2014 </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> Authorized </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> Issued
    and outstanding </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> Authorized </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> Issued
    and outstanding </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> Number
    of shares </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.5pt; background-color: White; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> Ordinary shares of NIS&nbsp;0.1
    par value each </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> 100,000,000 </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> 35,399,152 </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> 100,000,000 </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> 18,410,648 </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
consolidation:</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 1, 2014, the shareholders approved to consolidate the authorized share capital and the issued and outstanding share capital
such that 10 Ordinary shares of NIS 0.01 par value each in the authorized share capital and the issued and outstanding share capital
of the Company will be consolidated into one Ordinary share of the Company of NIS 0.1 par value. The number of the outstanding
share options was adjusted accordingly.</FONT></P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;16:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUITY
    (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
    in share capital:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued
and outstanding share capital:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>par
                                         value</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.5pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Balance at January 1, 2014</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">141,012,488</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,410,125</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Consolidation of share capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(126,911,240</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">Issuance of share capital</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,309,400</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">430,940</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">18,410,648</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,841,065</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">Issuance of share capital</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,988,504</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,698,850</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2015</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">35,399,152</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,539,915</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rights
    attached to shares:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voting
                                         rights at the shareholders meeting, right to dividends, rights upon liquidation of the
                                         Company and right to nominate the directors in the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quoted
                                         on the Tel-Aviv Stock Exchange.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital
                                         management in the Company:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's capital management objectives are &#9;to preserve the Company's ability to ensure business continuity thereby creating
a return for the shareholders, investors and other interested parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is not under any minimal equity requirements nor is it required to attain a certain level of capital return.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance
    of shares and warrants:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May&nbsp;8, 2014, the Company raised gross proceeds of approximately NIS&nbsp;2.9 million
                                         from the issuance of 3,009,400 Ordinary shares, 3,009,400 warrants (series 3) and 3,009,400
                                         warrants (series 4) of the Company pursuant to a shelf offering registration that the
                                         Company published on May&nbsp;8, 2014 and a shelf prospectus of August&nbsp;8, 2012.
                                         On May 15, 2014, the Company issued 406,269 share options (series 4) to Clal Finance
                                         Underwriting Ltd. as part of the issuance costs.</FONT></TD></TR></TABLE>




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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;16:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUITY
    (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance
    of shares and warrants (cont.):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         November&nbsp;19, 2014, the Company entered into a private placement agreement according
                                         to which 1,300,000 Ordinary shares of NIS&nbsp;0.1 par value each, 1,300,000 fully vested
                                         warrants and 1,300,000 conditional warrants were issued. The fully vested warrants are
                                         exercisable at a 1 to 1 ratio at an exercise price of NIS&nbsp;0.5, per share from the
                                         date of issuance over a period of three months. The conditional warrants are exercisable
                                         at a 1 to 1 ratio subject to the exercise of the fully vested warrants. The fair value
                                         of the warrants was estimated at approximately NIS&nbsp;3,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
total gross proceeds from the offered securities were NIS&nbsp;650,000 (net proceeds - NIS&nbsp;631,000).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT> </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> On
                                         February&nbsp;19, 2015, the Company raised NIS&nbsp;250,000 in consideration for 500,000
                                         Ordinary shares of NIS&nbsp;0.1 par value each, 500,000 fully vested warrants and 500,000
                                         conditional warrants. The immediate warrants may be exercised into shares on a 1:1 basis
                                         in consideration of the exercise price of NIS&nbsp;0.65 from the date of issuance for
                                         a period of 45 days. The contingent warrants may be exercised into shares on a 1:1 basis
                                         together with and subject to the exercise of the immediate warrants in consideration
                                         of the exercise price of NIS&nbsp;1.10 for a period of 24 months. Also, 40,000 warrants
                                         were granted to the Company's consultant as the investment broker. The fair value of
                                         the warrants granted to the consultant was estimated at NIS&nbsp;2,000. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April&nbsp;30, 2015, the immediate and conditional warrants expired without being exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT> </TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> On
                                         April&nbsp;29, 2015, the Company raised NIS&nbsp;2.2 million from Jesselson Investments
                                         Ltd. in a private placement. In consideration for these funds, the Company issued a total
                                         of 4,400,000 Ordinary shares of NIS&nbsp;0.1 par value each at the price of NIS&nbsp;0.5
                                         per share. As a result of the issuance, Jesselson Investments holds about 18.87% of the
                                         Company's Ordinary shares. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         October&nbsp;11, 2015, the Company completed a round of financing under which it signed
                                         investment agreements with several new and existing private investors to make private
                                         placements in consideration of the issuance of 3,159,025 Ordinary shares of the Company.
                                         The investors undertook to invest an aggregate amount of approximately NIS&nbsp;3.3 million
                                         in consideration of Ordinary shares of the Company at the price per share of NIS&nbsp;1.05,
                                         which will constitute about 11.4% of the Company's issued and outstanding share capital
                                         immediately after the completion of the investment (approximately 6.7% on a fully diluted
                                         basis).</FONT></TD></TR></TABLE>

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


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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;16:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUITY
    (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance
    of shares and warrants (cont.):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Simultaneously,
with the closing of the private placement agreements, Dekel informed the Company that it sold (or that it is acting to sell) to
the other investors in this private placement (independently) Initial Options and Additional Options that Dekel holds by virtue
of the License Agreement that will constitute about an additional 12.4% of the Company's issued and outstanding share capital
(about 9.1% on a fully diluted basis). Assuming the investors exercise their options and Dekel exercises a portion of its options,
the effect will be an additional equity investment of approximately NIS&nbsp;2.3 million. The completion of the private placements
was subject to the fulfillment of several conditions which were met within 45 days of the closing of the round of financing, as
stated above, including the receipt of necessary regulatory approvals. During October 2015, the investors exercised the options
purchased from Dekel. The total proceeds from the exercise of the options were approximately NIS&nbsp;1.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share
    options and warrants:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;1, 2015, the Company's warrants (series 2) expired.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May 10, 2015, 3,415,669 warrants (series 4) of the Company expired, 1,850,000 warrants
                                         which had been issued in December 2013 expired and 1,000,000 immediate warrants expired.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         June&nbsp;9 and 15, 2015, 1,300,000 warrants, which had been granted under a private
                                         placement dated November&nbsp;19, 2014, were exercised into Ordinary shares of NIS&nbsp;0.1
                                         par value each at the exercise price of NIS&nbsp;0.5 per share. The total proceeds from
                                         the exercise of the warrants were NIS&nbsp;650,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
                                         October&nbsp;18 and November&nbsp;18, 2015, the remaining immediate share options of
                                         Dekel and some of the contingent share options were exercised (a total of 6,245,270 share
                                         options). The total proceeds from the exercise of the share options were approximately
                                         NIS&nbsp;2 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         October&nbsp;20, 2015, 310,000 share options were exercised into Ordinary shares of NIS&nbsp;0.1
                                         par value each at the exercise price of NIS&nbsp;0.65 per share. The total proceeds from
                                         the exercise of the share options were approximately NIS&nbsp;201,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         November&nbsp;1, 2015, 300 share options which had been granted to the Company's employees
                                         in 2009 expired.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         December&nbsp;6 and 13, 2015, 990,000 share options were exercised into Ordinary shares
                                         of NIS&nbsp;0.1 par value each at the exercise price of NIS&nbsp;0.65 per share. The
                                         total proceeds from the exercise of the share options were NIS&nbsp;644,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         December&nbsp;23, 2015, 40,000 share options were exercised into Ordinary shares of NIS&nbsp;0.1
                                         par value each at the exercise price of NIS&nbsp;0.5 per share. The total proceeds from
                                         the exercise of the share options were NIS&nbsp;20,000.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    December&nbsp;31, 2015, 33,333 share options were exercised into Ordinary shares of NIS&nbsp;0.1 par value each at the exercise
    price of NIS&nbsp;0.5 per share. The total proceeds from the exercise of the share options were NIS&nbsp;17,000.</FONT></TD></TR>
</TABLE>


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


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



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

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    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;17:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE-BASED
    PAYMENT TRANSACTIONS</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         expense recognized in the financial statements:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
expense recognized in the Company's financial statements for services received from employees and other service providers is shown
in the following table:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3pt; text-align: center; text-indent: 28.35pt"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>Year
                                         ended December 31,</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>Convenience
                                         translation into USD (Note 1b) year ended December&nbsp;31,</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center; text-indent: 28.35pt"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>NIS
                                         in thousands</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">USD
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.5pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Expense
    arising from equity-settled share-based payment transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">144</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">532</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">137</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in">The share-based
payment transactions that the Company granted to its employees and consultants are described below. During 2015 the Company's
Board adopted the 2015 Share Option Plan (the &quot;Plan&quot;). Under the Plan, the Company may grant its employees and other
service providers share options of the Company. The Board reserved 5,000,000 shares which may be granted under the Plan, out of
which 2,321,667 are still available for grant.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Also,
an expense of NIS&nbsp;3.9 million was recognized in respect of the License Agreement with Dekel under other expenses. See additional
information in Note&nbsp;15c.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
                                         payment transactions with the Company's employees:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         March&nbsp;26, 2010, the Company entered into a license agreement with Hadasit Medical
                                         Research Services &amp; Development Ltd. (&quot;Hadasit&quot;). As part of the payment
                                         for the license, Hadasit and Prof. Howard Weiner were issued 345,000 unlisted share options
                                         of the Company (172,500 share options each) that are exercisable into 345,000 Ordinary
                                         shares of the Company of NIS&nbsp;0.1 par value each for an exercise price of NIS&nbsp;0.1
                                         per share. The share options vest in three equal portions after the fulfillment of each
                                         of the following clinical milestones: the beginning of Phase 2A, the beginning of Phase
                                         2B and the beginning of Phase 3 for using the Anti-CD3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
share options will expire at the end of 15 years from the grant date. Any share options that are not exercised by the expiration
date mentioned above will expire and not confer any rights whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of the reporting date, the first portion of 115,000 share options may be exercised immediately for an exercise price of NIS&nbsp;0.1
per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

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    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><BR CLEAR="ALL"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;17:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE-BASED
    PAYMENT TRANSACTIONS (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
                                         payment transactions with the Company's employees (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         March&nbsp;24, 2014, the shareholders approved payment of compensation to the Company's
                                         Chairman: (1) for September-December 2013 - monthly payment of USD&nbsp;10,000 (2) from
                                         January&nbsp;8, 2014 - monthly payment of NIS&nbsp;50,000 and (3) grant of 423,037 unlisted
                                         share options of the Company at an exercise price of not less than the share market price
                                         in the 30 days before the issuance plus 10%. The share options vest over three years
                                         in equal portions on a quarterly basis. Also, the Company's remuneration policy was approved
                                         by the shareholders. The share options were granted on April&nbsp;1, 2014. The fair value
                                         at the grant date was estimated at approximately NIS&nbsp;181,000. The compensation was
                                         calculated using the binomial model based on expected volatility of 71.44% at the grant
                                         date, a price per share of NIS&nbsp;0.791 at the grant date, exercise price of NIS&nbsp;0.789
                                         per share, risk-free interest rates of 0.7%-5.74% computed at the grant date and a forfeiture
                                         rate of 0%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May&nbsp;4, 2014, in furtherance to the decision of the Company's Board, the Company
                                         granted to the VP of Strategic and Business Development 266,242 unlisted share options
                                         that are exercisable into 266,242 Ordinary shares of the Company. The share options vest
                                         equally on a quarterly basis over a period of four years from the date of grant. The
                                         fair value at the grant date was estimated at approximately NIS&nbsp;149,000. The compensation
                                         cost was calculated using the binomial model based on expected share price volatility
                                         of 72.47% at the grant date, a price per share of NIS&nbsp;0.978 at the grant date, exercise
                                         price of NIS&nbsp;0.99 per share that represents the average share market price in the
                                         30 days before the grant plus 10%, risk-free interest rates of 3.69% computed at the
                                         grant date and a forfeiture rate of 0%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         June&nbsp;10, 2015, the shareholders approved a grant of 800,000 fully vested share options
                                         to the Company's terminated CEO, Mr. Jan Turek, relating to his consulting services to
                                         the Company as CEO, of which 400,000 share options are at the exercise price of NIS&nbsp;0.5
                                         per share and 400,000 options are at the exercise price of NIS&nbsp;0.8 per share.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value at the grant date was estimated at approximately NIS&nbsp;144,000, calculated using the Black-Scholes model based on
the exercise prices indicated above, expected volatility of 68.78% at the grant date, a price per share of NIS&nbsp;0.721 at the
grant date, risk-free interest rate of 0.11% and life of 0.47 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
share-based payment expenses recorded during the period in respect of the terminated CEO were NIS&nbsp;144,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
November&nbsp;27, 2015, the share options which had been granted to Mr. Jan Turek expired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;17:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE-BASED
    PAYMENT TRANSACTIONS (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
                                         payment transactions with the Company's employees (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May&nbsp;20, 2015, the Company's Board approved a grant of 540,000 share options to the
                                         CEO and CFO and business development manager with vesting periods of three years. Each
                                         share option is exercisable at the exercise price of NIS&nbsp;0.5 per share. The fair
                                         value at the grant date was estimated at approximately NIS&nbsp;165,000, using the Black
                                         - Scholes model based on the exercise price of NIS&nbsp;0.5 per share, expected volatility
                                         of 74.34% at the grant date, a price per share of NIS&nbsp;0.403 at the grant date, risk-free
                                         interest rate of 2.11% and expected life of 10 years.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
share-based payment expenses recorded during the period in respect of this grant were NIS&nbsp;70,000. At the beginning of October
2015, the employment of the CEO and CFO of the Company, Mr. Jonathan Berger, was terminated and the unvested share options have
been forfeited thereby reducing the expense by NIS&nbsp;37,000 so that the net expense recorded in respect of this grant totaled
NIS&nbsp;30,000.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May&nbsp;20, 2015, the Company's Board decided to grant, subject to the approval of the
                                         Company's shareholders, 250,000 share options to the Company's chairman, Dr. Asher Shmulevitz,
                                         with a vesting period of three years. Each share option is exercisable at the exercise
                                         price of NIS&nbsp;0.5 per share. The share option grant was approved by the shareholders
                                         on February&nbsp;14, 2016. The fair value of the share options at the end of the reporting
                                         period was estimated at approximately NIS&nbsp;192,000. Total share-based payment expenses
                                         recorded during the period in respect of this grant were approximately NIS&nbsp;99,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May&nbsp;20, 2015, the Company's Board decided to grant, subject to the approval of the
                                         Company's shareholders, 50,000 share options to a former director and another director
                                         each, with vesting periods of three years. Each share option has an exercise price of
                                         NIS&nbsp;0.5 per share. The share option grant was approved by the shareholders on February&nbsp;14,
                                         2016. The fair value of the share options at the end of the reporting period was estimated
                                         at approximately NIS&nbsp;80,000. Total share-based payment expenses recorded during
                                         the period in respect of this grant were approximately NIS&nbsp;40,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;16, 2016, the Company's Board approved a grant to a consultant of 120,000
                                         share options. The share options vest over two years in four semi-annual portions effective
                                         November 17, 2015. Each share option is exercisable at the exercise price of NIS&nbsp;0.995
                                         per share. The fair value of the share options at the end of the reporting period was
                                         estimated at approximately NIS&nbsp;87,000. Total share-based payment expenses recorded
                                         during the period in respect of this grant were approximately NIS&nbsp;11,000.</FONT></TD></TR></TABLE>

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


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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;17:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE-BASED
    PAYMENT TRANSACTIONS (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
                                         payment transactions with the Company's employees (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;16, 2016, the Company's Board approved a grant of 300,000 share options
                                         to two officers of the Company with vesting periods of three years effective November&nbsp;25,
                                         2015. Each share option is exercisable at the exercise price of NIS&nbsp;0.995 per share.
                                         The fair value of the share options at the end of the reporting period was estimated
                                         at approximately NIS&nbsp;219,000. Total share-based payment expenses recorded during
                                         the period in respect of this grant were approximately NIS&nbsp;25,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
                                         for share options granted to the Company's CEO, see Note&nbsp;21d.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Movement
                                         during the year:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table lists the number of share options, the weighted average exercise prices of share options and changes in employee
and consultants share options during the current and previous year:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of share options</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    average exercise price</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of share options</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    average exercise price</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Share options outstanding at beginning of year</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,210,443</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">4.39</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,019,255</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Consolidation
    of share options as a result of capital consolidation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,217,329</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Share options granted during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,340,000</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.59</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">689,279</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.86</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Share options exercised during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(33,333</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.5</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">Share options forfeited or expired
    during the year</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,179,957</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.63</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(280,762</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13.62</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">Share options outstanding at end
    of year</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,337,153</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4.00</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,210,443</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4.39</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">Share options exercisable at end
    of year</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">623,890</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.52</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">377,914</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5.45</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         weighted average remaining contractual life of the share options outstanding was 7.89
                                         years and 8.64 years as of December 31, 2015 and 2014, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 169.8pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         weighted average fair value of the share options granted in 2015 was NIS&nbsp;0.23 (2014
                                         - NIS&nbsp;0.86).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 169.8pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         range of exercise prices of share options outstanding at the end of the year was NIS&nbsp;0.1-NIS&nbsp;44.58
                                         as of December 31, 2015 and NIS&nbsp;0.1-NIS&nbsp;44.58 as of December 31, 2014.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;18:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ADDITIONAL
    INFORMATION TO THE ITEMS OF PROFIT OR LOSS</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>Year ended December 31,</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
    translation into USD (Note 1b) year ended December&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center; text-indent: 36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>NIS in thousands</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD
    in thousands</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
    and development expenses, net:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28.35pt; background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wages
    and related expenses</FONT></TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">506</FONT></TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183</FONT></TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Materials</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
    payment</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consultants
    and subcontractors</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">582</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">441</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patents</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">284</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    expenses</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">375</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grants
    from the Chief Scientist</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(29</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,800</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">931</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">239</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 56.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
    and administrative expenses:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wages,
    salaries and related expenses</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,581</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,412</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">362</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
    payment</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">526</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">135</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Professional
    services including business development</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,562</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,035</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">521</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Insurance
    and directors' fees</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">244</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">214</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office
    maintenance and rent and other</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">615</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,104</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">283</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,238</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,297</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,357</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 56.7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
    income (expenses):</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
    income:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest
    income on bank deposits</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in fair value of warrants</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">396</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    rate differences</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">401</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0pt">The change in
fair value of warrants (accounted for as a liability in 2013) was recorded due to the expiration, during September 2014, of warrants
granted on December&nbsp;25, 2013, as part of the investment agreement with Acebright Holding Limited. The fair value of the warrant
was originally calculated using the Black-Scholes model.</P>

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


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    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;18:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ADDITIONAL
    INFORMATION TO THE ITEMS OF PROFIT OR LOSS (Cont.)</B></FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>Year ended December 31,</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
    translation into USD (Note 1b) year ended December&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center; text-indent: 36pt"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.85pt; text-align: center"><B>NIS in thousands</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD
    in thousands</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
    expenses:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
    expenses from interest and commissions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance
    expenses from liability to the Chief Scientist</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    rate differences</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Impairment
    of financial instrument</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">350</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">427</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 56.7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    income (expenses):</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
    payment (see Note&nbsp;15c)</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,906</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,001</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in liability to the Chief Scientist (Note&nbsp;11)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(191</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital
    gain from sale of equipment</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">115</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">115</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,734</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">957</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;19:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LOSS
    PER SHARE</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Details
                                         of the number of shares and loss used in the computation of loss per share:</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Year
    ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">Convenience
    translation into USD (Note 1b) year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    number of shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Loss</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    number of shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Loss</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    number of shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Loss</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In
                                         </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>thousands</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In
                                         </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>thousands</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In
                                         </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>thousands</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">USD
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Number
    of shares and loss used in the computation of basic and diluted&nbsp;&nbsp;loss per share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,072</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,292</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,853</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,174</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,853</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,607</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
</TABLE>



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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;19:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LOSS
    PER SHARE (Cont.)</B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         computation of diluted loss per share did not include the following convertible securities
                                         since their inclusion would decrease the loss per share (anti-dilutive effect):</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share
                                         options to employees, officers and consultants.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marketable
                                         warrants (series 1).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-marketable
                                         warrants (series 4).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-marketable
                                         warrants to investor.</FONT></TD></TR></TABLE>

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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;20:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OPERATING
    SEGMENTS</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company applies the principles of IFRS 8 regarding operating segments. The segment reporting is based on internal management reports
of the Company's management which are regularly reviewed by the chief operating decision maker to make decisions about resources
to be allocated and assess performance (&quot;the management approach&quot;). According to the principles of IFRS 8, management
determined that the Company has one reportable segment: development of drugs based on cannabinoid molecules to be approved by
an official regulatory authority.</FONT></P>

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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;21:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSACTIONS
    AND BALANCES WITH RELATED PARTIES </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left; text-indent: -56.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balances
                                         with related parties:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December&nbsp;31,
2015:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center">Key
    management personnel</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Other
    related parties</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center">NIS
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">Other accounts payable</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">58</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December&nbsp;31,
2014:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Key
    management personnel</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Other
    related parties</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">NIS
    in thousands</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">Other accounts payable</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">120</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;21:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSACTIONS
    AND BALANCES WITH RELATED PARTIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Benefits
                                         to key management personnel (including directors) who are not employed by the Company:</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Year
    ended </FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31,</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
    translation into USD</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt"><B>(Note
    1b)</B></FONT></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>year ended</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December&nbsp;31,</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2015</B></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
    in thousands</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USD
    in thousands</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term
    benefits</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,321</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,117</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">286</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share-based
    payment (see Note 17)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">367</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">94</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,462</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,484</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">380</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Benefits
                                         to key management personnel who are employed by the Company:</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    ended </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">December 31,</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Convenience
    translation into USD (Note 1b)</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">year ended</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; text-align: center; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NIS
    in thousands</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>USD
    in thousands</B></FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85.05pt; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Short-term
    benefits</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">844</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">905</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">232</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share-based
    payment (see Note 17)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">134</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">861</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,039</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">266</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    of individuals to whom the salary and benefits relate:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interested
    parties and directors who are not employed by the Company</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Related
    and interested parties who are employed by or on behalf of the Company</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



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

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Material
                                         agreements signed with related parties:</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         January&nbsp;8, 2014, the Company's Board appointed Mr. Asher Shmulevitz as active Chairman
                                         of the Company's Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;16, 2014, the Company and the CEO, Mr. Ari Aminetzah, reached understandings
                                         regarding the termination of his employment as the Company's CEO at the end of March
                                         2014. During April-May 2014 Mr. Aminetzah rendered business development services to the
                                         Company.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;21:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSACTIONS
    AND BALANCES WITH RELATED PARTIES (Cont.)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Material
                                         agreements signed with related parties (cont.):</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         March&nbsp;24, 2014, the shareholders approved payment of compensation to the Company's
                                         Chairman: (1) for September-December 2013 - monthly payment of USD&nbsp;10,000 (2) from
                                         January&nbsp;8, 2014 - monthly payment of NIS&nbsp;50,000 and (3) issuance of 423,037
                                         unlisted share options of the Company at exercise price of not less than the share market
                                         price in the 30 days before the issuance plus 10%. The share options vest equally on
                                         a quarterly basis over three years. Also, the Company's remuneration policy was approved
                                         by the shareholders. The share options were issued on April&nbsp;1, 2014.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
                                         for a license agreement with a company owned by the Company's chairman, Mr. Asher Shmulevitz,
                                         see Note&nbsp;15c.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         April&nbsp;2, 2015, the Company reported that Jonathan Berger, was appointed as the Company's
                                         CFO and on that date the Company reported that the Company's former CFO, Uri Ben-Or,
                                         and the former comptroller, Dov Weinberg, are leaving the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         April&nbsp;5, 2015, the Company reported that the Company's CEO, Mr. Jan Turek, is leaving
                                         the Company effective May&nbsp;31, 2015. On May&nbsp;21, 2015, the Company reported that
                                         Jonathan Berger, was appointed as the Company's CEO in addition to his role as the Company's
                                         CFO. On August&nbsp;31, 2015, the Company reported that Jonathan Berger, terminated his
                                         role as the Company's CEO and CFO effective October&nbsp;1, 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
                                         the beginning of October 2015, the employment of the CEO and CFO of the Company, Mr.
                                         Jonathan Berger, was terminated.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         November&nbsp;19, 2015, the Company reported that Guy Goldin, was appointed as the Company's
                                         CFO effective November&nbsp;1, 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 85.05pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         November&nbsp;25, 2015, the Company reported that Dr. Elran Haber was appointed as the
                                         Company's CEO. On February&nbsp;14, 2016, the shareholders approved his employment contract
                                         effective November&nbsp;1, 2015. According to the terms of the contract, the CEO is entitled
                                         to a monthly salary of NIS&nbsp;45,000, to an annual bonus of up to 6 monthly salaries
                                         subject to a target plan set by the Board and to receive 700,000 share options at the
                                         exercise price of NIS&nbsp;0.995 per share. The share options vest on a quarterly basis
                                         over three years from the date of issuance. Total expense recorded in respect of these
                                         share options during the reporting period was approximately NIS&nbsp;52,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;22:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS
    AFTER THE REPORTING DATE</B></FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         January&nbsp;28, 2016, the Company reported that 161,875 share options which had been
                                         granted to consultants expired.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;14, 2016, the Company and Ramot at Tel-Aviv University Ltd., the Tel-Aviv
                                         University's technology transfer company, signed a definitive and binding agreement for
                                         conducting research and for granting a research and development and commercialization
                                         license regarding Ramot's cannabinoid-based technology for treating deterioration in
                                         cognitive functioning through administration of ultralow doses of THC cannabinoid. According
                                         to the license agreement, Ramot will grant the Company an exclusive, international royalty-bearing
                                         license which can be sublicensed to use the technology (including the yields of the research
                                         project as defined below) for research, development, manufacture, use, commercialization,
                                         sublicensing, sale and import of products based on the technology. As consideration,
                                         the Company will manage and finance (on its own and/or through third parties) the technology's
                                         research and development process for the development and manufacture of medical products
                                         based on the development stages and milestones determined in the agreement (which can
                                         be modified and revised as stipulated in the agreement).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
                                         to the description in Note&nbsp;17b(6), (7) and (8), on February&nbsp;16, 2016, the Company's
                                         Board approved a grant of 700,000 share options to the Company's CEO, 250,000 to the
                                         Company's chairman, 50,000 to a director of the Company and 50,000 to a former director.
                                         The total fair value of those grants at the grant date was estimated at approximately
                                         NIS&nbsp;789,000, calculated using the Black- Scholes model based on the exercise price
                                         determined for each optionee, expected volatility of 74.07% at the grant date, a price
                                         per share of NIS&nbsp;0.94 at the grant date, risk-free interest rate of 1.97% a year
                                         and expected life of 10 years.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;16, 2016, the Company's Board approved a grant of 800,000 share options
                                         to three of its officers, 300,000 to three employees and 120,000 to a consultant. The
                                         share options vest over three years except for the 120,000 share options that were granted
                                         to the consultant which vest over two years. Each share option is exercisable at the
                                         exercise price per share of NIS&nbsp;0.995-NIS&nbsp;1.061. The fair value at the grant
                                         date was estimated at approximately NIS&nbsp;882,000, calculated using the Black &amp;
                                         Scholes model based on the exercise price determined for each optionee, expected volatility
                                         of 74.07% at the grant date, a price per share of NIS&nbsp;0.94 at the grant date, risk-free
                                         interest rate of 1.97% a year and expected life of 10 years.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         March&nbsp;22, 2016, the Company's Board approved a grant of 150,000 options to an officer.
                                         The options vest over three years. The fair value at the grant date was estimated at
                                         approximately NIS&nbsp;104,000, calculated using the Black-Scholes model based on the
                                         exercise price of NIS&nbsp;1.011 per share, expected volatility of 74.07% at the grant
                                         date, a price per share of NIS&nbsp;0.905 at the grant date, risk-free interest rate
                                         of 1.97% a year and expected life of 10 years.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         April&nbsp;3, 2016, 150,000 options were granted to a company that is controlled by the
                                         Company's consultant. The options granted may be exercised immediately and expire on
                                         December&nbsp;31, 2016. The fair value at the grant date was estimated at approximately
                                         NIS&nbsp;19,000, calculated using the Black-Scholes model based on the exercise price
                                         of NIS&nbsp;1 per share, expected volatility of 53.36% at the grant date, a price per
                                         share of NIS&nbsp;0.894 at the grant date and risk-free interest rate of 0.51% a year.</FONT></TD></TR></TABLE>

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

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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>THERAPIX BIOSCIENCES LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: left; width: 56.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;22:-</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS
    AFTER THE REPORTING DATE (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; width: 56.7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; width: 28.35pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    April&nbsp;7, 2016, the Company and Karma Link Ltd. (the &quot;Purchaser&quot;) signed a nonbinding memorandum of understanding
    for the sale of all Company's assets underlying the Anti-CD3 technology (which mostly consist of the Company's license and
    certain Company assets related to the development of the technology) in consideration for royalties from future revenues that
    the Purchaser will receive. On June 22, 2016, the Company entered into a share transfer agreement (the &quot;Agreement&quot;)
    with Orimmune Bio Ltd. (&quot;Orimmune&quot;) and the Purchaser. The Purchaser's controlling shareholder served as director
    on the Company's Board till February 2016. Under the Agreement the Company will sell its holdings in Orimmune to the Purchaser
    and will transfer its rights to its antibody anti-CD3 technology (including the Company's license from Hadasit (the &quot;License&quot;)
    and certain assets of the Company related to the development of the technology (the &quot;Technology&quot;). The terms of
    the Agreement are as follows:</FONT></TD></TR>
</TABLE>


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

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<TD STYLE="width: 84.6pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company shall transfer its holdings in Orimmune to the Purchaser and will assist in the
                                         assignment of the License to the Orimmune, including certain intellectual property developed
                                         by the Company associated with the License.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 84.6pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
                                         to the completion of the assignment of the License, the Company will be entitled to a
                                         percentage of the revenue, in the lower double-digits, from the Purchaser (and its affiliates,
                                         as defined in the agreement) will receive from Orimmune or third parties up to an aggregate
                                         amount of NIS 40 million (the &ldquo;Aggregate Amount&quot;). For proceeds beyond the
                                         Aggregate Amount, the Company shall be entitled to a lower rate as set forth in the Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company will assign to the Purchaser the right to increase its stake in the share capital
                                         of Orimmune as stipulated in the investment agreement dated September 2, 2013 between
                                         the Company, Orimmune and Acebright Holdings Limited (an additional shareholder in Orimmune).
                                         During the interim period, until the license assignment process is complete, the Purchaser
                                         shall bear all fees associated with the License (including payments for the maintenance
                                         of patents under the License and any pending legal proceedings in relation to such patent).
                                         Such amounts will not be refunded to the Purchaser. During the interim period, as stated,
                                         in the event that the Company will receive any revenue proceeds from the commercialization
                                         of the Technology, the Company will remit them to Orimmune, net of fees and other expenses
                                         required under the License.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102.6pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102.6pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closing
of the transaction is subject to the approval of <FONT STYLE="line-height: 110%">Orimmune</FONT>'s shareholders and the acceptance
of the signed closing documents and deliverables under the agreement by both parties. The approval will be obtained no later than
60 days following the date of signing of the Agreement. The closing of the Agreement is not subject to completion of the License
assignment process, and failure to complete the assignment of the License will not constitute a breach by the Company of the Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102.6pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 56.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 28.05pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
    May 2016, the Company and Lara signed a settlement and termination agreement (the &quot;Settlement Agreement&quot;). Under
    the Settlement Agreement the parties agreed that the Company will continue to hold approximately 27% of Lara's share capital,
    it will be exempt from making the remaining payments under the Investment Agreement and all other terms of the Investment
    Agreement will have no further binding effect. Under the Settlement Agreement, Lara's founder was granted an option, for a
    period of 12 months, to purchase all of the Company's holding in Lara for USD 500,000. Furthermore, the parties agreed in
    the Settlement Agreement that the Company's representative in Lara's board of directors will resign. Accordingly, the Company
    lost its material effect on Lara, and as of June 30, 2016, the balance for the investment in Lara is NIS 0.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102.6pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102.6pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84.75pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
                                         to the matter discussed in Note&nbsp;15c, on May 16, 2016 after obtaining the TASE approval
                                         and as part of the conditions of the license agreement with Dekel, which became effective
                                         on August&nbsp;19, 2015, and in order to fulfill the contingent liability of the Company
                                         to Dekel under the License Agreement, the Company issued to Dekel 200,000 Ordinary shares
                                         associated with the advance payment according to the License Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May 31, 2016, the Board approved the grant of 210,000 options to several of the Company's
                                         consultants, out of which 150,000 options were effectively granted (the &quot;Granted
                                         Options&quot;). The Granted Options are immediately exercisable. 70,000 of the Granted
                                         Options will be exercisable for one year from their date of grant and the remainder will
                                         be exercisable for 10 years from their date of grant. The fair value at the grant date
                                         was estimated at approximately NIS&nbsp;62,000, calculated using the Black-Scholes model
                                         based on the exercise price of NIS&nbsp;1.03, expected volatility was between 53.04%-74.07%
                                         at the grant date, a price per share of NIS&nbsp;0.869 at the grant date and risk-free
                                         interest rate between 0.62%-1.97% a year.</FONT></TD></TR></TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 76px; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Israeli Securities Authority, or the ISA, previously notified  the Company that it was conducting an administrative inquiry
    relating to the Company&rsquo;s reports (quality and scope of disclosure) to the ISA and the TASE with respect to the
    termination     of a license agreement the Company had with Ramot for certain technology covering the Company previous BBS
    technology and     program, which was terminated in the beginning of 2014. On August 18, 2016, the Department of
    Administrative Enforcement of     the ISA filed an administrative letter of claims against the Company, the Company's
    Chairman and certain former officers. The letter     of claims alleges that the Company and the named respondents carried out
    several      violations of the Securities Law regarding reports     of the Company. The alleged breaches include (i) the
    inclusion     of misleading     details in a shelf offering report and annual report     in relation to a licensing
    agreement     between     Nasvax and Ramot and     its ongoing progress; (ii) failure to submit an immediate     report about
    a material     event (the     licensing agreement     termination) in a timely and lawful manner; (iii) inclusion of a
    misleading     detail     in such     immediate report; and (iv)     misleading the ISA in connection with such actions. This
    administrative procedure     is     underway and the Company is     currently examining this letter of claims. A date for the
    hearing has yet to be set.     The     Company     plans to hold a     discussion with the ISA regarding this matter prior to
    any hearing, and the Company     also plans     to file a formal      defense.&nbsp; If the Company does not prevail, the
    Company might by subject to monetary     sanctions (up     to NIS 5 million),      and additional administrative sanctions
    may be levied upon such directors and     former officers. Based     on an estimate of the     Company's legal counsel, a
    provision was recorded in the accounts for     potential monetary     sanctions.&nbsp;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 76px; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"> l<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> In June 2016, the Company entered into a binding
    term sheet with Yissum whereby the Company will be granted a license to an issued patent, including foreign counterparts,
    that covers nasal delivery of cannabinoids. Pursuant to the term sheet, Yissum will grant to the Company an exclusive, worldwide
    license to the patents and the Company will pay Yissum fees based on specific milestones and medial single-digit royalties
    upon the commercialization of a product based on the licensed assets. Royalty rates will decrease upon commercialization of
    a competitive product or if the Company will be required to pay a third party in order to sell the technology based product,
    but in no event shall the applicable royalty rate be reduced by more than a percentage rate in the low fifties. The Company
    further undertook to pay all patent filing and prosecution expenses, including past expenses. Pursuant to the term sheet,
    in the event that the Company establish an affiliated company to exploit the license, an equity allocation to Yissum will
    be negotiated in good faith. The patent expiration dates of any patents maturing from these applications would likely be 2031. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 76px; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">m.</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                                         June 7, 2016 (the &quot;Effective Date&quot;), The Company signed a term sheet with a Swiss private company (the &ldquo;Swiss
                                                         Company&rdquo;), in which                                                          the
                                                         two sides will                                          partner                                                          to
                                                         develop the Swiss Company Technology (the
                                                         &quot;Development&quot;) in Israel and                                          the United States of America. As part of the
                                                         term sheet, the Swiss Company shall grant the Company                                          an irrevocable, worldwide,
                                                         exclusive, royalty-bearing, sub licensable license (the &quot;License&quot;)                                          to use
                                                         the Swiss Company Low-Dose Technology, a technology which improves bioavailability of
                                                         THC in low doses. In addition to the license, if, and each time, during the period of
                                                         twenty four months as of the Effective Date, the Swiss Company receives an offer by a third party
                                                         with respect to any commercial exploitation of the Swiss Company Normal-Dose Technology, the Swiss Company
                                                         shall be required to first inform the Company of such offer and should the Company have
                                                         an interest in pursuing the transaction set forth therein it shall notify the Swiss Company.</FONT> </P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
        Company shall pay for all costs and expenses associated with the Development and for all costs and expenses associated
        with the main study conducted due to the Development. Also, The Company shall pay the Swiss Company a low single digit royalties
        from net sales earned by or on behalf of the Company, on sales of products under the License. From the other hand, the Swiss Company
        shall pay The Company low single digit royalties from any income it receives from other uses of the Development.</FONT> </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></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: 10pt/115% Calibri,sans-serif; padding: 0; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="width: 38px; font: 10pt/115% Calibri,sans-serif; padding: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n.</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"> Further to the description in Note&nbsp;15c, on August
        18 and 19, 2016, the Company received exercise notices for the exercise of 5,390,986 share options which were held by
        Dekel, under the license agreement signed with Dekel, to purchase 5,390,986 ordinary shares par value NIS&nbsp;0.1 per
        share, out of which Dekel exercised 993,846 share options, while the remaining were exercised by third parties, to which,
        to the best of the Company's knowledge, Dekel sold its share options. </P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"> It is clarified, that the remaining share options held
        by Dekel expired on August 20, 2016, according to their original terms. The consideration from the exercise of the share
        options was NIS 3.5 million. </P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.4pt; text-align: left"> &nbsp;&nbsp;&nbsp; </P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AS
OF JUNE 30, 2016</B></FONT> </P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> </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="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Page </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> <A HREF="#a_034">Consolidated Statements of Financial Position</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-54 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-
    F-55</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font-weight: bold; text-align: left"> <A HREF="#a_040">Consolidated Statements of Profit or Loss</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-56 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> <A HREF="#a_035">Consolidated Statements of Comprehensive Income</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-57 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> <A HREF="#a_036">Consolidated Statements of Changes in Equity</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-58 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-
    F-61</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> <A HREF="#a_038">Consolidated Statements of Cash Flows</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-62 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-
    F-63</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> <A HREF="#a_039">Notes to Interim Consolidated Financial Statements</A> </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"> F-64 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-
    F-69</B></FONT> </TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"> -<B> </B>-<B> </B>-<B> </B>-<B> </B>-
-<B> </B>-<B> </B>-<B> </B>-<B> </B>-<B> </B>- </P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_034"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> </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="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Convenience translation into USD (Note 1d) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> December&nbsp;31, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Audited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD
                                         </B></FONT><BR>
                                         <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in&nbsp;thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt"> &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">
    <TD STYLE="text-align: left; padding-left: 10pt"> ASSETS </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">
    <TD STYLE="text-align: left"> &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: White">
    <TD STYLE="text-align: left"> CURRENT ASSETS: </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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 10pt"> Cash </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 6,136 </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"> 1,032 </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"> 3,166 </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"> 823 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"> Restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Accounts receivable </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 279 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 204 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 303 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 79 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 6,459 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,280 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 3,513 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 913 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> NON-CURRENT ASSETS: </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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Equipment </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 42 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 33 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 49 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 13 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 6,501 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 1,313 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 3,562 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 926 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>&nbsp;</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> </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="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Convenience translation into USD (Note 1d) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> December&nbsp;31, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <B>2016</B> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Audited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         </B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD
                                         </B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &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: left"> &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">
    <TD STYLE="text-align: left; padding-left: 10pt"> LIABILITIES AND EQUITY (DEFICIT) </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">
    <TD STYLE="text-align: left"> &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">
    <TD STYLE="text-align: left"> CURRENT LIABILITIES: </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: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 10pt"> Trade payables </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 1,779 </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"> 1,162 </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"> 1,218 </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"> 317 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Other accounts payable </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 215 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 257 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 288 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 75 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,994 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,419 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,506 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 392 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Liabilities of disposal group held for sale </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 790 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 205 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> NON-CURRENT LIABILITIES: </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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Liabilities for government grants </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 172 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> EQUITY (DEFICIT) ATTRIBUTABLE TO EQUITY HOLDERS OF
    THE COMPANY: </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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"> Share capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,540 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,462 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,560 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 926 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> Share premium </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95,772 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 87,562 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95,852 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,922 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"> Foreign currency translation reserve </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20 </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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> Warrants </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"> 330 </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; padding-left: 10pt"> Reserve for share-based payment transactions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,309 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15,462 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,010 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,943 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> Reserve from transactions with non-controlling interests </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 245 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Accumulated deficit </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (113,468 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (106,707 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (117,438 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (30,535 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 5,114 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 70 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,925 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 501 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"> Non-controlling interests </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (607 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (348 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (659 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (172 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Total equity (deficit) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 4,507 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (278 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 1,266 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 329 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 6,501 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 1,313 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 3,562 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 926 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_040"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>&nbsp;</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> </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="text-align: center; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Note
                                         1d)</B></FONT> </P></TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Year ended December&nbsp;31, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Three months ended <BR>
    June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six months ended <BR>
    June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Six months&nbsp;ended June&nbsp;30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Audited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS <BR>
    in thousands </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD
                                         </B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> (Except per share data) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Research and development expenses, net </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (931 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (247 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (865 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (477 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (1,450 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> (377 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> General and administrative
    expenses </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (5,297 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (1,304 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (1,140 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (2,456 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (2,454 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (638 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,228 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,551 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,005 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,933 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,904 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,015 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> Other expenses </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (3,734 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (100 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (19 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (100 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (26 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Operating loss </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,962 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,551 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,105 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,952 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,004 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,041 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Finance income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 35 </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"> 23 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Finance expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (35 </TD><TD STYLE="text-align: left"> ) </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"> (5 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (41 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (11 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> Company's share of losses of an associate </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (197 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (88 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (197 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> - </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt"> Loss </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (10,174 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (1,627 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (2,070 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (3,154 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (4,022 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (1,046 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Attributable to: </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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Equity holders of the Company </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,877 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,611 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,033 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,116 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,970 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,032 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> Non-controlling interests </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (297 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (16 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (37 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (38 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (52 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (14 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (10,174 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (1,627 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (2,070 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (3,154 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (4,022 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (1,046 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt"> Basic and diluted loss per share
    attributable to equity holders of the Company </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.43 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.07 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.06 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.15 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.11 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> (0.03 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> ) </TD></TR>
</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_035"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>&nbsp;</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</B></FONT> </P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Note
                                         1d)</B></FONT> </P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Year
    ended December&nbsp;31,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Three
                                         months ended</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>June&nbsp;30,</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Six
                                         months ended</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>June
                                         30,</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Six
    months ended <BR>
    June&nbsp;30,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIS
                                         </B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    loss</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,174</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,627</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,070</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,154</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,022</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,046</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    comprehensive income to be reclassified to profit or loss in subsequent periods</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    differences on translation of foreign operations</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    other comprehensive income &nbsp;(loss)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,164</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,612</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,090</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,144</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,042</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,051</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attributable
    to:</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity
    holders of the Company</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,867</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,596</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,053</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,106</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,990</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,037</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling
    interests</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(297</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(52</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,164</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,612</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,090</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,144</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,042</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,051</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_036"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Audited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">NIS
    in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at January&nbsp;1,&nbsp;2015</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,841</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">80,460</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,215</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,981</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(103,591</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(143</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(310</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(453</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(9,877</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(9,877</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(297</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(10,174</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Other
    comprehensive income</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(9,877</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(9,867</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(297</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(10,164</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issuance
    of shares (1)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">806</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,858</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,664</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,664</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Exercise
    of share options and warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">893</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">6,134</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,344</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(661</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,022</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,022</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Expiration
    of warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,320</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,320</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,438</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,438</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,438</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at December&nbsp;31,&nbsp;2015</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,540</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">95,772</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">18,309</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(113,468</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,114</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(607</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,507</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)
Net of issuance expenses of NIS&nbsp;84,000.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>




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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>&nbsp;</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">NIS
    in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at April&nbsp;1,&nbsp;2015</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,892</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">83,411</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,257</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,249</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(105,096</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,341</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(332</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,673</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,611</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,611</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(16</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,627</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    other comprehensive loss</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,611</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,596</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(16</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,612</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issuance&nbsp;of&nbsp;shares&nbsp;(1)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">440</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,714</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,154</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,154</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Exercise
    of share options and warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">130</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">846</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(328</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">648</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">648</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Expiration
    of warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,591</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,591</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">205</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">205</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">205</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at </FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">June&nbsp;30, 2015</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,462</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">87,562</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,462</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">330</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(106,707</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">70</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(348</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(278</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR><FONT STYLE="font: 9pt Times New Roman, Times, Serif"> controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">NIS
    in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at </FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">April&nbsp;1,&nbsp;2016</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,540</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">95,772</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">18,608</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(115,405</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,476</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(622)</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,854</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,033</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,033</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(37</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,070</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    other comprehensive loss</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,033</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,053</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(37</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2,090</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based&nbsp;payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">80</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">402</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">502</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">502</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at June&nbsp;30, 2016</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,560</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">95,852</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,010</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(117,438</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,925</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(659</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,266</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)
Net of issuance expenses of NIS&nbsp;30 thousand.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT> </P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR><FONT STYLE="font: 9pt Times New Roman, Times, Serif"> controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">NIS
    in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at January&nbsp;1,&nbsp;2015</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,841</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">80,460</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,215</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,981</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(103,591</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(143</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(310</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(453</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,116</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,116</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(38</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,154</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    other comprehensive loss</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,116</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,106</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(38</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,144</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issuance
    of shares&nbsp;(1)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">490</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,907</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,397</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,397</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Exercise
    of share options and warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">131</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">875</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(331</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">675</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">675</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Expiration
    of warrants</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,320</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,320</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">247</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">247</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">247</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at June&nbsp;30, 2015</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,462</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">87,562</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,462</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">330</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(106,707</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">70</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(348</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(278</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR><FONT STYLE="font: 9pt Times New Roman, Times, Serif"> controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">NIS
    in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at January&nbsp;1,&nbsp;2016</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,540</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">95,772</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">18,309</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(113,468</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,114</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(607</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,507</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,970</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,970</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(52</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,022</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    other comprehensive loss</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,970</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3,990</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(52</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,042</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">80</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">701</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">801</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">801</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at June&nbsp;30, 2016</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,560</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">95,852</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,010</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">941</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(117,438</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,925</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(659</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,266</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)
Net of issuance expenses of NIS&nbsp;33,000.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</B></FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="30" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Attributable
    to equity holders of the Company</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Issued
    Capital</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share
    premium</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment transactions</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Foreign
    currency translation reserve</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Warrants</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Transactions
    with non-</FONT><BR><FONT STYLE="font: 9pt Times New Roman, Times, Serif"> controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Accumulated
    deficit</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Non-</FONT><BR>
    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">controlling interests</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total</B></FONT> </P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>equity</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="38" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Convenience
    translation (Note 1d) into USD in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at January&nbsp;1,&nbsp;2016</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">920</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">24,902</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,761</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">245</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(29,503</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,330</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(158</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 0.5%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,172</FONT> </TD><TD STYLE="width: 0.5%; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,032</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,032</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(14</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,046</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    other comprehensive loss</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Total
    comprehensive loss</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,032</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,037</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(14</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,051</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Share-based
    payment</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">21</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">182</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">208</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">208</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    at June&nbsp;30, 2016</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">926</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">24,923</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,943</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">245</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(30,535</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">501</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">(171</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">329</FONT> </TD><TD STYLE="padding-bottom: 4pt; text-align: left; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_038"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT> </P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Note
                                         1d)</B></FONT> </P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    ended December&nbsp;31,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Three
    months ended </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">June 30,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Six
    months ended </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">June 30,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Six
    months ended </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"> June&nbsp;30,</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Audited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Unaudited</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">NIS
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"> in thousands</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in
                                         thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Cash
    flows from operating activities:</U></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28%; text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(10,174</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(1,627</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(2,070</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(3,154</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(4,022</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(1,046</FONT> </TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments
    to reconcile net loss to net cash used&nbsp;in operating activities:</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
    from sale of equipment</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Share-based
    payment expense</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4,438</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">205</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">502</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">247</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">801</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">208</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Change
    in liability to the Chief Scientist</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(191</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Finance
    expenses, net</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(5</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    of losses of an associate</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">197</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">88</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">197</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4,509</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">300</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">486</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">495</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">788</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">205</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Working
    capital adjustments:</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Increase
    in accounts receivable</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(177</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(112</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(160</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(102</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(24</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(6</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Increase
    (decrease) in trade payables</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">597</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(627</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(20</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">155</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Increase
    in other accounts payable</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">83</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">99</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">93</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">125</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">147</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">503</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(640</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(61</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">278</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">72</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(5,162</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(1,967</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(1,645</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(2,656</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(2,956</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(769</FONT> </TD><TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD></TR>
</TABLE>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of the interim consolidated financial statements.</FONT> </P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1.5pt solid"> <B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B> </P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience
                                         translation into USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Note
                                         1d)</B></FONT> </P></TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"> Year ended December&nbsp;31 </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Three months ended<BR>
    June&nbsp;30, </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Six months ended <BR>
    June&nbsp;30, </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"> Six months ended<BR>
    June&nbsp;30, </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Audited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> NIS<BR> in thousands </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USD</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>in&nbsp;thousands</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"> <U>Cash flows from investing
    activities:</U> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; padding-left: 10pt; text-indent: -10pt"> Proceeds from sale of equipment </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 2 </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"> 2 </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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> Purchase of equipment </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (4 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (1 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (14 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (4 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> Net cash provided by (used
    in) investing activities </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (2 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (1 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 2 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (14 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> (4 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt"> Cash flows from financing
    activities: </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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Proceeds from issuance of share capital and share
    options (net of issuance expenses) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,664 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,154 </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"> 2,397 </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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> Proceeds from exercise of share
    options and warrants </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 5,022 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 648 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 675 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> Net cash provided by financing
    activities </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 10,686 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 2,802 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 3,072 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> - </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> Increase (decrease) in cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,522 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 835 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,646 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 418 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,970 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (772 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1.5pt"> Cash at the beginning of the
    period </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 614 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 197 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 4,812 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 614 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 6,136 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 1,595 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"> &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"> &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"> &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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 4pt"> Cash at the end of the period </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 6,136 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 1,032 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 3,166 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 1,032 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 3,166 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 823 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left"> The accompanying notes are an integral
part of the interim consolidated financial statements. </P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp; </P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <A NAME="a_039"></A><B>THERAPIX BIOSCIENCES
LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;1:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GENERAL</B></FONT> </TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
                                         financial statements have been prepared in a condensed format as of June 30, 2016 and
                                         for the six and three months then ended (&quot;Interim Consolidated Financial Statements&quot;).
                                         These financial statements should be read in conjunction with the Company's annual financial
                                         statements as of December 31, 2015 and for the year then ended and accompanying notes
                                         (&quot;Annual Consolidated Financial Statements&quot;).</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Interim Consolidated Financial Statement of the Company and its subsidiaries for the
                                         six months ended June 30, 2016 were authorized for issue on October 6, 2016. The Company,
                                         a pharmaceutical company was incorporated in Israel and commenced its operations on August
                                         23, 2004. Until March 2014, the Company was mainly engaged in developing several innovative
                                         immunotherapy products. In August 2015, the Company revised its business strategy according
                                         to which it will focus on developing approved drugs based on cannabinoid molecules.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is presently developing a cannabinoid based medical product for Tourette syndrome using the entourage technology and is
preparing to develop a cannabinoid based medical product for deterioration in cognitive functioning using the ultralow dose technology.</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         the six months ended June 30, 2016, the Company incurred a net loss of NIS 4.02 million
                                         and had negative cash flow from operating activities totaling NIS 2.96 million. As of
                                         June 30, 2016, the Company had an accumulated deficit totaling NIS 117.4 million as a
                                         result of recurring operating losses. As discussed in 1b above, the Company's business
                                         strategy is to focus on developing approved drugs based on cannabinoid molecules.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
activities involve, among others, continuous development efforts and obtaining pertinent regulatory approvals. Also, from the
date of commencement of operation, the Company did not generate cash flows from the sale of its products to sustain its activities.
Accordingly, as the Company presently has no activities that generate revenues, the Company's continued operation is dependent
on its ability to raise funding from external sources. This dependency will continue until the Company will be able to finance
its operation by selling its products or commercializing the technology it owns.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's management believes that the balance of cash held by the Company may not be sufficient to finance its operating activities.
These factors raise substantial doubt about the Company's ability to continue as a going concern.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company's management is focusing on securing the Company's financial stability, among others, by exploring the alternative of
raising capital from private investors including existing shareholders.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Interim 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.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> &nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;1:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GENERAL</B>
    <B>(Cont.)</B></FONT> </TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convenience
                                         translation into U.S. dollars (&quot;dollars&quot;, &quot;USD&quot; or &quot;$&quot;)</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the convenience of the reader, the reported New Israeli Shekel (NIS) amounts as of June 30, 2016, and for the six and three months
then ended have been translated into dollars at the Bank of Israel's representative rate of exchange for June 30, 2016 ($&nbsp;1&nbsp;=&nbsp;NIS&nbsp;3.846).
The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable
or payable in dollars or convertible into dollars, unless otherwise indicated. The dollars amounts were rounded to whole numbers
for convenience.</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;2:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNIFICANT
    ACCOUNTING POLICIES</B></FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Basis
of preparation of the interim consolidated financial statements:</I></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Interim Consolidated Financial Statements have been prepared in accordance with IAS 34, &quot;Interim Financial Reporting&quot;.
The significant accounting policies and methods of computation adopted in the preparation of the Interim Consolidated Financial
Statements are consistent with those followed in the preparation of the Annual Consolidated Financial Statements.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;3:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS DURING
    THE REPORTING PERIOD</B></FONT> </TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         January&nbsp;28, 2016, 161,875 options which had been granted to consultants expired.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February&nbsp;14, 2016, the Company and Ramot at Tel-Aviv University Ltd., the Tel-Aviv
                                         University's technology transfer company (&quot;Ramot&quot;), signed a definitive and
                                         binding agreement for conducting research and for granting a research and development
                                         and commercialization license regarding Ramot's cannabinoid-based technology for treating
                                         deterioration in cognitive functioning through administration of ultralow doses of THC
                                         cannabinoid. According to the license agreement, Ramot will grant the Company an exclusive
                                         international royalty-bearing license which can be sublicensed to use the technology
                                         (including the yields of the research project as defined below) for research, development,
                                         manufacture, use, commercialization, sublicensing, sale and import of products based
                                         on the technology. As consideration, the Company will manage and finance (on its own
                                         and/or through third parties) the technology's research and development process for the
                                         development and manufacture of medical products based on the development stages and milestones
                                         determined in the agreement (which can be modified and revised as stipulated in the agreement).
                                         The Company is obligated to pay fees in an aggregate amount of approximately $3.5 million
                                         upon the occurrence of certain milestones, including achieving the completion of a Phase
                                         II clinical trial, pivotal clinical trial, filing a new drug application with the U.S.
                                         Food and Drug Administration, the receipt of regulatory approvals and the achievement
                                         of worldwide sales which exceed certain thresholds. The Company is also obligated to
                                         pay a low single digit percentage royalties upon commercialization of a product based
                                         on licensed asset, and a percentage rate in the low twenties pursuant to a sublicense
                                         of the licensed assets.</FONT> </TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -28.35pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> &nbsp; </P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;3:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS DURING
    THE REPORTING PERIOD (Cont.)</B></FONT> </TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February 16, 2016, the Company's Board approved a grant of 700,000 options to the Company's
                                         CEO, 250,000 to the Company's chairman, 50,000 to a director of the Company and 50,000
                                         to a former director. The total fair value of those grants at the grant date was estimated
                                         at approximately NIS 789,000, calculated using the Black-Scholes model based on the exercise
                                         price determined for each optionee, expected volatility of 74.07% at the grant date,
                                         a price per share of NIS&nbsp;0.94 at the grant date, risk-free interest rate of 1.97%
                                         a year and expected life of 10 years. Total share-based payment expenses recorded in
                                         the six months ended June 30, 2016 in respect of the above grant were approximately NIS&nbsp;247,000.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         February 16, 2016, the Company's Board approved a grant of 800,000 options to three of
                                         its officers, 300,000 to three employees and 120,000 to a consultant. The options vest
                                         over three years except 120,000 options that were granted to the consultant with vesting
                                         terms of two years. Each option is exercisable at the exercise price of NIS 0.995-NIS
                                         1.061 per share.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value at the grant date was estimated at approximately NIS&nbsp;882,000, calculated using the Black -Scholes model based
on the exercise price determined for each optionee, expected volatility of 74.07% at the grant date, a price per share of NIS&nbsp;0.94
at the grant date, risk-free interest rate of 1.97% a year and expected life of 10 years. Total share-based payment expenses recorded
in the six months ended June 30, 2016 in respect of the above grant were approximately NIS&nbsp;325,000.</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         March&nbsp;22, 2016, the Company's Board approved a grant of 150,000 options to an officer.
                                         The options vest over three years. The fair value at the grant date was estimated at
                                         approximately NIS&nbsp;104,000, calculated using the Black-Scholes model based on the
                                         exercise price of NIS&nbsp;1.011, expected volatility of 74.07% at the grant date, a
                                         price per share of NIS&nbsp;0.905 at the grant date, risk-free interest rate of 1.97%
                                         a year and expected life of 10 years. Total share-based payment expenses recorded in
                                         the six months ended June 30, 2016 in respect of the above grant were approximately NIS&nbsp;29,000.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         April&nbsp;3, 2016, 150,000 options were granted to a company that is controlled by the
                                         Company's consultant. The options granted may be exercised immediately and expire on
                                         December&nbsp;31, 2016. The fair value at the grant date was estimated at approximately
                                         NIS&nbsp;19,000, calculated using the Black-Scholes model based on the exercise price
                                         of NIS&nbsp;1, expected volatility of 53.36% at the grant date, a price per share of
                                         NIS&nbsp;0.894 at the grant date and risk-free interest rate of 0.51% a year.</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>



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



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;3:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS DURING
    THE REPORTING PERIOD (Cont.)</B></FONT> </TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May 31, 2016, the Company's Board approved the grant of 210,000 options to several of
                                         the Company's consultants, out of which 150,000 options were granted. The options granted
                                         are immediately exercisable, of which 70,000 options are exercisable for one year from
                                         their date of grant and the remaining options are exercisable for 10 years from their
                                         date of grant. The fair value at the grant date was estimated at approximately NIS&nbsp;62,000,
                                         calculated using the Black-Scholes model based on the exercise price of NIS&nbsp;1.03,
                                         expected volatility ranging between 53.04% and 74.07% at the grant date, a price per
                                         share of NIS&nbsp;0.869 at the grant date and risk-free interest rate of 0.62%-1.97%
                                         a year.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
                                         to the matter discussed in Note&nbsp;15b to the Company's Annual Consolidated Financial
                                         Statements, on May 16, 2016, after obtaining the Tel Aviv Stock Exchange (&quot;TASE&quot;)
                                         approval and as part of the conditions of the license agreement with Dekel Pharmaceuticals
                                         Ltd. (&quot;Dekel&quot;) which became effective on August&nbsp;19, 2015, and in order
                                         to fulfill the commitment of the Company to Dekel under the license agreement, the Company
                                         issued to Dekel 200,000 shares associated with the payment of the advance according to
                                         the license agreement.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         May 22, 2016, the Company and Lara Pharm Ltd. (&quot;Lara&quot;) signed a settlement
                                         and termination agreement (&quot;the settlement agreement&quot;) according to which,
                                         among others, the Company will remain a shareholder in Lara, holding 27.314% of Lara's
                                         issued and outstanding share capital as of the date of signing the settlement agreement
                                         (while waiving a certain number of shares in Lara which will be forfeited). Lara's founder
                                         (as defined in the settlement agreement) was granted a call option for a period of one
                                         year from the date of signing the settlement agreement (namely, until May 22, 2017) to
                                         purchase the Company's entire interests in Lara for $&nbsp;500 thousand (representing
                                         a 100% return of the Company's investment in Lara). Also according to the settlement
                                         agreement, the Company's representative on Lara's board of directors will resign. Accordingly,
                                         the Company no longer has significant influence in Lara, and as of June 30, 2016, the
                                         balance of the investment in Lara in the Company's books is nil.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.7pt; text-align: left; text-indent: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         June 2016, the Company entered into a binding term sheet with Yissum whereby the Company
                                         will be granted a license to an issued patent, including foreign counterparts, that covers
                                         nasal delivery of cannabinoids. Pursuant to the term sheet, Yissum will grant to the
                                         Company an exclusive, worldwide license to the patent and the Company will pay Yissum
                                         fees based on specific milestones and medial
                                         single-digit royalties upon the commercialization of a product based on the licensed
                                         assets. Royalty rates will decrease to a low single-digit percentage upon commercialization
                                         of a competitive product or if the Company will be required to pay a third party in order
                                         to sell the technology based product. The Company further undertook to pay all patent
                                         filing and prosecution expenses, including past expenses. Pursuant to the term sheet,
                                         in the event that the Company establishes an affiliated company to exploit the license,
                                         an equity allocation to Yissum will be negotiated in good faith. The patent expiration
                                         dates of any patents maturing from these applications would likely be 2031.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         June 7, 2016 (the &quot;Effective Date&quot;), the Company signed a term sheet with a
                                         Swiss private company (the &quot;Swiss Company&quot;), in which the two sides will partner
                                         to develop the Swiss Company's technology (the &quot;Development&quot;) in Israel and
                                         the United States. As part of the term sheet, the Swiss Company shall grant the Company
                                         an irrevocable, worldwide, exclusive, royalty-bearing, sub licensable license (the &quot;License&quot;)
                                         to use the Swiss Company's Low-Dose Technology, a technology which improves bioavailability
                                         of THC in low doses. In addition to the license, if, and each time, during the period
                                         of twenty four months as of the Effective Date, the Swiss Company receives an offer by
                                         a third party with respect to any commercial exploitation of the Swiss Company's Normal-Dose
                                         Technology, the Swiss Company shall be required to first inform the Company of such offer
                                         and should the Company have an interest in pursuing the transaction set forth therein
                                         it shall notify the Swiss Company.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company shall pay for all costs and expenses associated with the Development and for all costs and expenses associated with the
main study conducted due to the Development. Also, the Company shall pay the Swiss Company a low single digit royalties from net
sales earned by or on behalf of the Company, on sales of products under the License. In addition, the Swiss Company shall pay
the Company low single digit royalties from any income it receives from other uses of the Development.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; background-color: white"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> &nbsp; </P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;4:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISPOSAL GROUP
    HELD FOR SALE</B></FONT> </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 22, 2016, the Company entered into a share transfer agreement (&quot;the agreement&quot;) with Orimmune Bio Ltd. (&quot;the
subsidiary&quot;) and Karma Link Ltd., whose controlling shareholder served as director in the Company until February 2016 (&quot;the
buyer&quot;) whereby the Company will sell its interests in the subsidiary to the buyer and take steps to transfer its rights
in the Anti-CD3 technology (mainly consisting of the Company's license from Hadasit Research Services &amp; Development Ltd.,
the Technology Transfer Company of Hadassah Medical Organization which owns the technology) (&quot;the license&quot;) and certain
assets of the Company underlying the technology's development (&quot;the technology&quot; and &quot;the transferred assets&quot;,
respectively), all under the terms specified below.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
agreement mainly consists of the following:</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company will transfer its entire interests in the subsidiary's shares to the buyer and
                                         exercise its best effort to assist in the assignment of the license to the subsidiary,
                                         including certain IP assets developed by the Company in connection with the license,
                                         and in obtaining all the necessary approvals.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
                                         to the completion of the license assignment process described above, the Company will
                                         be entitled to a predetermined rate (which is a low double-digit number) of all receipts
                                         which the buyer (and its related parties, as defined in the agreement) will receive from
                                         the subsidiary or from third parties in connection with the shares and/or assets of the
                                         subsidiary, up to an aggregate of approximately NIS&nbsp;40 million. For each receipt
                                         in excess of said aggregate amount, the Company will be entitled to a lower rate determined
                                         therefrom (also a low double-digit number).</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company will assign to the buyer its right to increase its interests in the subsidiary's
                                         share capital according to the investment agreement of September 2, 2013 signed between
                                         the Company, the subsidiary and Acebright Holdings Limited (another shareholder in the
                                         subsidiary). During the interim period until the completion of the license assignment
                                         process, the buyer will bear the entire payments in respect of the license and/or resulting
                                         therefrom (including payments for holding the patents under the license and including
                                         payments for a pending patent opposition proceeding involving the license). These amounts
                                         are non-recoverable. During the interim period, any revenues that are received by the
                                         Company from the technology's commercialization will be delivered to the subsidiary,
                                         less various fees and expenses payable in respect of the license and additional payments
                                         which the Company is entitled to receive.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
completion of the agreement is subject, among others, to obtaining the approval of the subsidiary's entire shareholders to the
agreement's execution and completion and to the parties signing the required engagements. The agreement was executed on August
15, 2016. It is clarified that the completion of the license assignment process is not a condition for the completion of the agreement
and failure to complete the license assignment process (subject to the terms of the agreement) will not represent violation of
the agreement by the Company.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>THERAPIX BIOSCIENCES LTD.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid; text-align: left"> <B>NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> &nbsp; </P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;4:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISPOSAL GROUP
    HELD FOR SALE (Cont.)</B></FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2016, the subsidiary had no assets with carrying amounts in its accounts, and its liabilities have been classified
as held for sale as follows:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White"> <B>&nbsp;</B> </TD>
    <TD STYLE="text-align: left"> <B>&nbsp;</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <B>June 30, 2016</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White"> <B>&nbsp;</B> </TD>
    <TD STYLE="text-align: left"> <B>&nbsp;</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <B>Unaudited</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White"> <B>&nbsp;</B> </TD>
    <TD STYLE="text-align: left"> <B>&nbsp;</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <B>NIS in thousands</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <B>Convenience translation into USD in thousands</B> </TD><TD STYLE="padding-bottom: 1.5pt"> <B>&nbsp;</B> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White"> &nbsp; </TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> <U>Liabilities</U> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56.7pt; background-color: White"> &nbsp; </TD>
    <TD STYLE="text-align: left"> Trade payables </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right"> 716 </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: 8%; text-align: right"> 186 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"> &nbsp; </TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Other accounts payable </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 74 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 19 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"> &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"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"> &nbsp; </TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 790 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 205 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 56.7pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTE&nbsp;5:-</B></FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS AFTER
    THE REPORTING DATE</B></FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 103.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Israel Securities Authority, or the ISA, previously notified the Company that it was
                                         conducting an administrative inquiry relating to the Company&rsquo;s reports (quality and scope of disclosure)
                                          to the ISA and the TASE with respect to the termination of a
                                         license agreement the Company had with Ramot for certain technology covering the Company&rsquo;s
                                         previous BBS technology and program, which was terminated at the beginning of 2014. On
                                         August 18, 2016, the Department of Administrative Enforcement of the ISA filed an administrative
                                         letter of claims against the Company, the Company's Chairman and certain former officers. The
                                         letter of claims alleges that the Company and the named respondents carried out several
                                         violations of the Securities Law regarding reports of the Company. The alleged breaches include (i) the
                                         inclusion of misleading details in a shelf offering report and annual report in relation
                                         to a licensing agreement between the Company and Ramot and its ongoing progress; (ii)
                                         failure to submit an immediate report about a material event (the licensing agreement
                                         termination) in a timely and lawful manner; (iii) inclusion of a misleading detail in
                                         such immediate report; and (iv) misleading the ISA in connection with such actions. This
                                         administrative procedure is underway and the Company is currently examining this letter
                                         of claims. A date for the hearing has yet to be set. The Company plans to hold a discussion
                                         with the ISA regarding this matter prior to any hearing, and the Company also plans to
                                         file a formal defense. If the Company does not prevail, the Company might be subject
                                         to monetary sanctions (up to NIS 5 million), and additional administrative sanctions
                                         may be levied upon such directors and former officers. Based on an estimate of the Company's
                                         legal counsel, a provision was recorded in the accounts for potential monetary sanctions.&nbsp;</FONT> </TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> &nbsp;&nbsp; </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT> </TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
                                         to the description in Note&nbsp;3h, on August 18 and 19, 2016, the Company received exercise
                                         notices for the exercise of 5,390,986 share options which were held by Dekel, under the
                                         license agreement signed with Dekel, to purchase 5,390,986 ordinary shares par value
                                         NIS&nbsp;0.1 per share, out of which Dekel exercised 993,846 share options, while the
                                         remaining were exercised by third parties, to which, to the best of the Company's knowledge,
                                         Dekel sold its share options.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is clarified, that the remaining share options held by Dekel (which were not exercised) expired on August 20, 2016, according
to their original terms. The Company's considerations from the exercise of the share options is expected to be NIS 3.5 million.</FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2016&nbsp;&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="logorod_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> Lead Underwriter and
Sole Book Runner <BR>
Rodman &amp; Renshaw <BR>
a unit of H.C. Wainwright &amp; Co. </P>



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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>INFORMATION NOT REQUIRED
IN PROSPECTUS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors,
Officers and Employees </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">An Israeli company may
indemnify an office holder in respect of certain liabilities either in advance of an event or following an event provided that
a provision authorizing such indemnification is inserted in its articles of association. Our articles of association contain such
a provision. An undertaking provided in advance by an Israeli company to indemnify an office holder with respect to a financial
liability imposed on him or her in favor of another person pursuant to a judgment, settlement or arbitrator's award approved by
a court must be limited to events which in the opinion of the Board of Directors can be foreseen based on the company's activities
when the undertaking to indemnify is given, and to an amount or a criteria determined by the Board of Directors as reasonable
under the circumstances, and such undertaking must detail the abovementioned events and amount or criteria.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">In addition, a company
may indemnify an office holder against the following liabilities incurred for acts performed as an office holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">reasonable
    litigation expenses, including attorneys' fees, incurred by the office holder as a result of an investigation or proceeding
    instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i)&nbsp;no
    indictment was filed against such office holder as a result of such investigation or proceeding; and (ii)&nbsp;no financial
    liability, such as a criminal penalty, was imposed upon him or her as a substitute for the criminal proceeding as a result
    of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense
    that does not require proof of criminal intent or as a monetary sanction;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">reasonable
    litigation expenses, including attorneys' fees, incurred by the office holder or imposed by a court in proceedings instituted
    against him or her by the company, on its behalf or by a third party or in connection with criminal proceedings in which the
    office holder was acquitted or as a result of a conviction for a crime that does not require proof of criminal intent;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">an
    Israeli company may insure a director or officer against the following liabilities incurred for acts performed as a director
    or officer;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">a
    breach of duty of care to the company or to a third party, including a breach arising out of the negligent conduct of an office
    holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">a
    breach of duty of loyalty to the company, provided the director or officer acted in good faith and had a reasonable basis
    to believe that the act would not prejudice the interests of the company; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">financial
    liabilities imposed on the office holder for the benefit of a third party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">An Israeli company may
not, however, indemnify or insure an office holder against any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28.35pt; text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">a
    breach of duty of loyalty, except to the extent that the office holder acted in good faith and had a reasonable basis to believe
    that the act would not prejudice the company;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">a
    breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the
    office holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">an
    act or omission committed with intent to derive unlawful personal benefit; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; unicode-bidi: embed"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">a
    fine, monetary sanction, penalty or forfeit levied against the office holder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Under the Israeli
Companies Law, or the Companies Law, indemnification and insurance of office holders must be approved by our compensation committee,
our Board of Directors and, in certain circumstances, by our shareholders. We have obtained directors' and officers' liability
insurance for the benefit of our office holders and intend to continue to maintain such coverage and pay all premiums thereunder
to the fullest extent permitted by the Companies Law. In addition, we have entered into indemnification agreements with each of
our directors providing them with indemnification for liabilities or expenses incurred as a result of acts performed by them in
their capacity as our, or our subsidiaries', directors and officers. This indemnification is limited both in terms of amount and
coverage and it covers certain amounts regarding administrative proceedings insurable or indemnifiable under the Companies Law
and our articles of association. In the opinion of the U.S. Securities and Exchange Commission, however, indemnification of directors
and office holders for liabilities arising under the U.S. Securities Act of 1933, as amended, or the Securities Act, is against
public policy and therefore unenforceable. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered
Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">Set forth below are
the sales of all securities by the Company during the three years preceding this offering, which were not registered under the
Securities Act. We believe that each of such issuances was exempt from registration under the Securities Act in reliance on Section
4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
August 26, 2013 we issued to Clal Underwriting Finance Ltd., or Clal publicly traded warrants to purchase 566,016 Ordinary Shares
at an exercise price of NIS 1.90 (approximately $0.53) per share, under the terms of a private placement, and in consideration
for services previously provided by Clal in our previous public offering. These warrants expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
August 26, 2013 we issued to Amira B.V., a private company in control of our then chief executive officer Mr. Ari Aminetzah, options
to purchase 150,000 Ordinary Shares at an exercise price of NIS 1.00 (approximately $0.28) per share. These warrants expired unexercised.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
December 25, 2013 we issued to Acebright Holdings Ltd. 1,050,750 Ordinary Shares, at a price per share of NIS 1.55 (approximately
$0.44), together with warrants to purchase an aggregate of 1,850,000 Ordinary Shares at an exercise price of NIS 1.55 (approximately
$0.44) per share. The net proceeds were approximately NIS 1.6 million (approximately $460,000). The warrants expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
January 27, 2014, we granted our chairman, Dr. Ascher Shmulewitz, options to purchase an aggregate of 423,037 Ordinary Shares
under our Israeli Share Option Plan (2005), or the 2005 Plan, at an exercise price of NIS 0.79 (approximately $0.23).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
April 23, 2014, we granted our chief executive officer, Dr. Elran Haber, options to purchase an aggregate of 266,242 Ordinary
Shares under our 2005 Plan, at an exercise price of NIS 0.99 (approximately $0.28).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
May 8, 2014 we issued 3,009,400 Ordinary Shares in a public offering on the TASE, at a price per share of NIS 0.95 (approximately
$0.28), together with publicly traded warrants to purchase an aggregate of 3,009,400 Ordinary Shares at an exercise price of NIS
1.20 (approximately $0.35 per share, and together with publicly traded warrants to purchase an aggregate of 3,009,400 Ordinary
Shares at an exercise price of NIS 1.90 (approximately $0.55 per share. The aggregate net proceeds from the offering were approximately
NIS 2.86 million (approximately $830,000). The warrants expired unexercised. As part of the offering, we issued the distributors,
publicly traded warrants to purchase an aggregate of 406,269 Ordinary Shares at an exercise price of NIS 1.90 (approximately $0.55
per share. These warrants expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
December 21, 2014 we issued to three investors an aggregate of 1,300,000 Ordinary Shares, at a price per share of NIS 0.5 (approximately
$0.13), together with warrants to purchase 1,300,000 Ordinary Shares at an exercise price of NIS 0.5 (approximately $0.13) per
share, and warrants to purchase 1,300,000 Ordinary Shares at an exercise price of NIS 0.65 (approximately $0.17) per share. The
aggregate net proceeds were approximately NIS 0.65 million (approximately $170,000). The warrants were exercised in consideration
for additional aggregate net proceeds of approximately NIS 1.5 million (approximately $400,000).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
March 15, 2015 we issued to two investors an aggregate of 500,000 Ordinary Shares, at a price per share of NIS 0.5 (approximately
$0.12), together with warrants to purchase 500,000 Ordinary Shares at an exercise price of NIS 0.65 (approximately $0.16) per
share, and warrants to purchase 500,000 Ordinary Shares at an exercise price of NIS 1.10 (approximately $0.27) per share. The
aggregate net proceeds were approximately NIS 0.25 million (approximately $60,000). The first set of warrants (at an exercise
price of NIS 0.65) were exercised. The remaining warrants expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
February 19, 2015 we issued to a service provider warrants to purchase 40,000 Ordinary Shares at an exercise price of NIS 0.50
(approximately $0.12) per share. These warrants were exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
April 29, 2015 we issued to an investor 4,400,000 Ordinary Shares, at a price per share of NIS 0.5 (approximately $0.12). The
aggregate net proceeds were approximately NIS 2.2 million (approximately $600,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
May 20, 2015, we granted our former chief executive officer, Mr. Jonathan Berger, options to purchase an aggregate of 400,000
Ordinary Shares under our 2005 Plan, at an exercise price of NIS 0.50 (approximately $0.13). 33,333 of these options were exercised,
and the remaining options have expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">On
May 20, 2015, we granted our current chief executive officer, Dr. Elran Haber, options to purchase an aggregate of 140,000 Ordinary
Shares under our 2005 Plan, at an exercise price of NIS 0.50 (approximately $0.13).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left">On June 10, 2015, we
granted our former chief executive officer, Mr. Jan Turek, options to purchase an aggregate of 800,000 Ordinary Shares under our
2005 Plan, at an average exercise price of NIS 0.65 (approximately $0.17) These options expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> On
August 24, 2015, pursuant to a license agreement, we issued to Dekel Pharmaceuticals Ltd., or Dekel, options to purchase 3,876,000
Ordinary Shares at an exercise price of NIS 0.50 (approximately $0.13) per share, and options to purchase 11,926,154 Ordinary
Shares at an exercise price of NIS 0.65 (approximately $0.17) per share. The first options (at an exercise price of NIS 0.50)
were all exercised in consideration for net proceeds of approximately NIS 1.9 million (approximately $500,000). The second set
of options (at an exercise price of NIS 0.65) were exercised in part (approximately 65%, representing 7,760,256 Ordinary Shares)
in consideration for additional aggregate net proceeds of approximately NIS 5 million (approximately $1.3 million), and the remainder
(approximately 35%) expired unexercised on August 19, 2016. In addition, as part of the consideration Dekel was entitled to a
payment of NIS 100,000 in cash or shares, and on May 15, 2016, we issued Dekel, 200,000 Ordinary Shares, at a price per share
of NIS 0.5 (approximately $0.13). </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> On
November 25, 2015 we issued to eight investors an aggregate of 3,159,025 Ordinary Shares, at a price per share of NIS 1.05 (approximately
$0.27), in private placements. The aggregate net proceeds from the private placements were approximately NIS 3.3 million (approximately
$850,000). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 28.35pt; background-color: white"> Since February
2016, we have granted our chairman, a director, former director, senior management, consultants and service providers options
to purchase an aggregate of 2,720,000 Ordinary Shares under our 2015 Plan, at an average exercise price of NIS 0.95 (approximately
$0.25), out of which 8,333 options were exercised by our former director. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; background-color: white">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement
Schedules </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: left; text-indent: -18pt"><B>Exhibits:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: left; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: left; text-indent: -18pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;</B></FONT> <BR>
    <FONT STYLE="font-size: 10pt"><B>Number</B></FONT> </TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">1.1*</FONT> </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Form of Underwriting Agreement by and
    among Therapix Biosciences Ltd. and the underwriters named therein.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.1</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Articles of
    Association of Therapix Biosciences Ltd.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">4.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Form of Depositary
    Agreement.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">4.2*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Specimen American
    Depositary Receipt (included in Exhibit 4.1).</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">4.3*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Form of Representative&rsquo;s
    Warrant</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">5.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Opinion of
    Horn &amp; Co. - Law Offices.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.1^</FONT> </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">License Agreement dated May 20, 2015,
    by and between the Company and Dekel Pharmaceuticals Ltd.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.2^</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Research Funding
    and License Agreement dated January 31, 2016, by and between the Company and Ramot at Tel Aviv University Ltd.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.3^</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Binding Term
    Sheet for Grant of License dated June 22, 2016, by and between the Company and Yissum Research Development Company of the
    Hebrew University of Jerusalem Ltd.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.4^</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Term Sheet
    for License dated June 7, 2016 between the Company and a pharmaceutical company.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.5</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Israeli Share
    Option Plan (2015).</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.6</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Israeli Share
    Option Plan (2005). </FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.7</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Employment
    Agreement dated November 1, 2015, as amended on April 17, 2016, by and between the Company and Dr. Elran Haber.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.8</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Consulting
    Agreement dated November 29, 2015, by and between the Company and Mr. Doron Ben-Ami.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.9</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Financial Services
    Agreement dated November 2015, and addendum dated March 22, 2016, by and between the Company and Mr. Guy Goldin.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.10</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Employment
    Agreement dated February 16, 2016, by and between the Company and Dr. Adi Zuloff-Shani.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.11</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Consulting
    Agreement dated February 16, 2016, and addendum dated April 17, 2016, by and between the Company and Dr. Ascher Shmulewitz.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.12</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Form of Indemnification
    Agreement.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">10.13</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Form of Exculpation
    Agreement.</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">21.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">List of Subsidiaries.
    </FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">23.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Consent of
    Kost Forer Gabbay &amp; Kasierer (a member of EY Global).</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">23.2*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Consent of
    Horn &amp; Co. Law Offices (included in Exhibit 5.1).</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> <FONT STYLE="font-size: 10pt">24.1</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: left"> <FONT STYLE="font-size: 10pt">Power of Attorney
    (included on the signature page of the Registration Statement).</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: left; text-indent: -18pt">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: left">* To be filed by amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: left"> ^&#9;Portions of this exhibit have
been omitted pursuant to a request for confidential treatment. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: left"><B>Financial Statement Schedules:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: left; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">All financial statement
schedules have been omitted because either they are not required, are not applicable or the information required therein is otherwise
set forth in the Company&rsquo;s financial statements and related notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 28.35pt"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)
The undersigned Registrant hereby undertakes:</FONT> </P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">i.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">To
    include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">ii.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 20% change in the maximum aggregate
    offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">iii.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(2)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(4)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">To
    file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of
    Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise
    required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by
    means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information
    necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.
    Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be
    filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter
    if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by
    the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
    in the Form F-3.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(5)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">That,
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">i.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">If
    the registrant is relying on Rule 430B:</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">B.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 of the date of the first contract
    or 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 and 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. Provided, however, 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 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</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">ii.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 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. Provided, however, 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.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(6)</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 securities to such purchaser:</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt; text-align: center"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">i.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
    to Rule 424;</FONT> </TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">ii.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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;</FONT> </TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">iii.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT> </TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">iv.</FONT> </TD>
    <TD STYLE="font: 10pt/107% Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> (b) The undersigned
registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates
in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 22.5pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> (c) 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 provisions described in Item&nbsp;6 hereof, or otherwise, the registrant has been advised that in the
opinion of the SEC 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: 0; text-align: left; text-indent: 28.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt"> (d) The undersigned
registrant hereby undertakes that: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: left; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left">(1) That for purposes of determining
any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration
statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;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: 0 0 0 28.35pt; text-align: left; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left">(2) That for the purpose of determining
any liability under the Securities Act of 1933, 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 <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">Pursuant to the requirements
of the Securities Act of&nbsp;1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-1 and has duly caused this amendment to the registration statement on Form F-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in Tel-Aviv, Israel on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>THERAPIX
    BIOSCIENCES LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">By:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Dr.
    Elran Haber</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">The undersigned officers
and directors of Therapix Biosciences Ltd. hereby constitute and appoint each of Dr. Elran Haber and Dr. Ascher Shmulewitz with
full power of substitution, each of them singly our true and lawful attorneys-in-fact and agents to take any actions to enable
the Company to comply with the Securities Act, and any rules, regulations and requirements of the SEC, in connection with this
registration statement on Form F-1, including the power and authority to sign for us in our names in the capacities indicated
below any and all further amendments to this registration statement and any other registration statement filed pursuant to the
provisions of Rule 462 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 288pt; text-align: left; text-indent: 28.35pt">&nbsp; <B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">Pursuant to the requirements
of the Securities Act of 1933, this amendment to the registration statement on Form F-1 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: 0; text-align: left; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 42%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Chief
    Executive Officer (Principal Executive Officer) </FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Dr.
    Elran Haber</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Chief
    Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Guy
    Goldin</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director,
    Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Dr.
    Ascher Shmulewitz</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Abraham
    (Avi) Meizler</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Amit
    Berger</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Dr.
    Yafit Stark</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Micha
    Jesselson</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Zohar
    Heiblum</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURE OF AUTHORIZED
REPRESENTATIVE IN THE UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"> Pursuant to the Securities
Act of 1933, as amended, the undersigned, Zysman, Aharoni, Gayer and Sullivan &amp; Worcester LLP, the duly authorized representative
in the United States of Therapix Biosciences Ltd., has signed this registration statement on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2016. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt; text-align: left"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ZYSMAN,
    AHARONI, GAYER AND</FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">SULLIVAN &amp; WORCESTER LLP&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">II-7</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;Exhibit
3.1&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>Therapix
Biosciences Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B><U>Articles
of Association </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B><U>of
a Public Company</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Table
of Content</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">1.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 87%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Interpretation
    </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">2.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Objects
    of the Company </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">3.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Limitation
    of Liability </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">4.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
    Articles of Association </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">5.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Company&rsquo;s
    Share Capital </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">6.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Modification
    of Registered Capital and Change of Rights</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">7.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
    Shareholdings </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">8.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Share
    Certificates </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">9.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Transfer
    of Shares and their Transmission</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">10.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
    Rights of a Shareholder </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">11.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Organs
    of the Company </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">12.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
    General Meeting and its Powers </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">13.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Convening
    of the Annual Meeting </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">14.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Convening
    of a Special Meeting </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">15.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Notices
Concerning the Convening of a General Meeting</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">16.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Deliberations
    at General Meetings </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">17.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Chairman
    of the General Meeting </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">18.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Voting
    at the General Meeting </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">19.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Resolutions
    at the General Meeting</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">20.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Directors
    and their Appointment </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">21.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Remuneration
    of Directors </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">22.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Powers
    of the Board of Directors </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">23.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Chairman
    of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">24.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Convening
    Meetings of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">25.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Board
    of Directors&rsquo; Meetings and their Proceedings</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">26.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Voting
    at the Board of Directors </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">27.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Committees
    of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">28.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Audit
    Committee </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">29.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">General
    Manager </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">30.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Officeholders
    of the Company </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">31.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Liability,
    Insurance, Indemnification and Exemption</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">32.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Internal
    Auditor and Accountant-Auditor</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">25</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 87%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution,
    Distribution of Dividends and Bonus Shares</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calls
    for Payment</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeiture
    of Shares</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo;
    Register</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Register
    of Substantial Shareholders and Additional Shareholders&rsquo; Register Outside of Israel </FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seal,
    Stamp and Signatory Rights</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donations</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Keeping of Minutes</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT>.</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Winding-up,
    liquidation and dissolution</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Public
Company Limited by Shares</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Companies Law, 5759 - 1999</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Articles
of Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
Biosciences<B> </B>Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(</B>&#1514;&#1512;&#1488;&#1508;&#1497;&#1511;&#1505;
&#1489;&#1497;&#1493;&#1505;&#1497;&#1497;&#1504;&#1505;&#1505;<B> </B>&#1489;&#1506;&quot;&#1502;<B>)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Interpretation
    </U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    these Articles of Association, unless the text otherwise requires:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;These
    <B>Articles</B>&rdquo; or &ldquo;the <B>Articles of Association</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mean
    these Articles, as drafted herein or as amended from time to time by the Shareholders;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Company</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    Therapix Biosciences Ltd.;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Board of Directors</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    the Company&rsquo;s Board of Directors, elected in accordance with the provisions of these Articles;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Companies Law</B>&rdquo; or</FONT> &ldquo;the
    <B>Law</B>&rdquo;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">means the Companies Law, 5759-1999,
as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Companies Ordinance</B>&rdquo; or &ldquo;the <B>Ordinance</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    the provisions of the Companies Ordinance [New Version] 5743-1983, which have not been cancelled as amended from time to time;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Securities Law</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means,
    the Securities Law, 5728-1968;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Office</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    the registered office of the Company from time to time;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
    <B>Shareholders&rsquo; Register</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    the Company&rsquo;s Shareholders&rsquo; Register that must be kept under the Law and in accordance with the provisions of
    these Articles;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Writing</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    print, photocopy, telegram, telex, facsimile, email and any other form of creating or visibly fixing or imprinting words.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Simple
    Majority Resolution</B>&rdquo; or &quot;<B>Ordinary Resolution</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means
    a resolution adopted at the (Annual or Special) General Meeting by a majority of those voting and without counting the abstaining
    votes. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify; text-indent: -252pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify; text-indent: -252pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of this Article, unless the written text requires another interpretation, terms defined in the Companies Law
shall have the same meanings ascribed to them therein; words in the singular shall include the plural and vice versa; words in
the masculine shall include the feminine and vice versa and words referring to persons shall also include corporations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Objects
    of the Company</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The
Company may engage in any legal business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Limitation of Liability</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    liability of a Shareholder in the Company with respect to the Company&rsquo;s debts shall be limited to the unpaid amount
    owing by him to the Company in consideration for the Shares held by such Shareholder and in any event, to an amount that shall
    not be less than the nominal value of the Share held by such Shareholder.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Company issues Shares for consideration which is less than their nominal value, as set forth in Section 304 of the Law
    (hereinafter: &ldquo;the <B>Reduced Consideration</B>&rdquo;), the liability of the Shareholder shall be limited to the payment
    of the Reduced Consideration amount for the Share issued to such Shareholder as stated above.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Company&rsquo;s
    Articles of Association</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The
    Company may amend its Articles by resolution adopted by a majority of at least three Shareholders holding together more than
    38% of the voting rights in the Company at the General Meeting of the Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;No
    amendment to the Articles which adversely affects the rights of any Shares' class shall be made without an approval of the
    meeting of shareholders of such class.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Notwithstanding
    the provisions of this chapter, an amendment of these Articles that obligates a Shareholder to acquire additional Shares or
    to increase the extent of his liability, shall not obligate the Shareholder without his consent.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Share
    Capital of the Company</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s Share Capital is NIS 10,000,000 (ten million Israeli Shekels), divided into 100,000,000 (one hundred million)
    Ordinary Shares of NIS 0.1 par value each (hereinafter in these Articles: &ldquo;the <B>Shares</B>&rdquo; or the &ldquo;<B>Ordinary
    Shares</B>&rdquo;).</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    the Ordinary Shares shall have equal rights among them for all intents and purposes and each Ordinary Share confers the holder
    thereof the following rights:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    right to be invited to and participate in the General Meetings of Shareholders of the Company, and the right to one vote for
    any Ordinary Share in any voting at the Company&rsquo;s General Meeting in which such holder participates;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]&#9;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    right to receive dividends, if and when such are distributed and the right to receive bonus shares if and when such are distributed
    - all in proportion to the Shares&rsquo; par value and without regard to any premium paid for such Shares;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    right to take part in the distribution of the surplus assets of the Company in the case of the winding-up of the Company,
    pro-rata to his relative share in the Company&rsquo;s issued Share Capital.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    foregoing shall not derogate from the Company&rsquo;s right to create shares of various classes, as set forth in these Articles
    below and under any law.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Modification
    of Registered Capital and Change of Rights</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting of the Company&rsquo;s Shareholders may, by adopting a Simple Majority Resolution and subject to Section 46B
    of the Securities Law, 5728- 1968 and any law:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    its Share Capital in the amount so resolved by the creation of new Shares, under such conditions and with such rights as shall
    be resolved. Such resolution may be passed regardless of whether all the existing Shares have been issued or resolved to be
    issued, or whether such Shares were not yet issued or resolved to issue such Shares.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 56.7pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         otherwise determined by the resolution of the Meeting on the Share Capital increase,
                                         the new Share Capital shall be deemed to be part of the original Share Capital of the
                                         Company and shall be subject to the same Articles with reference to payment of calls
                                         on shares, right of charge, transfer, title, forfeiture or otherwise, as apply to the
                                         original Share Capital;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidate
    and divide all or any part of its Share Capital into Shares of larger nominal value than its existing Shares, and if its Shares
    have no nominal value - into a Share Capital comprised of a smaller number of Shares, provided that the shareholding rates
    of the Shareholders in the issued Share Capital are not changed;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Subdivide
    its Shares, or any of them, into Shares of smaller nominal value than its existing Shares, and if its Shares have no nominal
    value - into a Share Capital comprised of a smaller number of Shares, provided that the shareholding rates of the Shareholders
    in the issued Share Capital are not changed;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;
    Change, abrogate, convert, broaden, add or vary in any other manner the rights, preferences, privileges, limitations and provisions
    attached or not attached at that time to such Company Shares;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancel
    any registered Share Capital which has not been issued, provided that there is no undertaking of the Company, including a
    contingent undertaking, to allocate Shares out of such registered Share Capital;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduce
    its Share Capital in the same manner and on the same terms and upon receiving of such approvals as required under the Law;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    rights conferred upon the holders of the Shares shall not be deemed to be varied by the creation or issue of further shares
    ranking pari passu therewith, unless otherwise provided by the terms of issue of those shares.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    change, conversion, abrogation, broadening, addition or any other variation of the rights, preferences, privileges, limitations
    and provisions attached to a specific Shares class issued to the Company&rsquo;s Shareholders, are subject to the consent
    of the holders of issued Shares of such class, that shall be given in writing from the holders of all the issued Shares of
    such class, or by Simple Majority Resolution adopted at the Special Meeting of the Shareholders of such particular class.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions of these Articles relating to General Meetings shall, <I>mutatis mutandis</I>, apply to any meeting of the holders
    of a particular class of Shares of the Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[e]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    the purpose of executing any such resolution, the Board of Directors may, in its discretion, settle any difficulties which
    arise in this context. Without derogating from the powers of the Board of Directors as stated above, if as a result of consolidation
    of capital, Shareholders would be left with fractional Shares, the Board of Directors may:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sell
    the total amount of fractional Shares and for this purpose appoint a trustee, in whose name share certificates comprising
    the fractions would be issued, who shall sell same and the sale proceeds, less commissions and expenses, shall be distributed
    to those entitled thereto;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate
    to each Shareholder left with such fraction following the consolidation, such fully paid up Shares from the class existing
    prior to the consolidation, in such number sufficient for one whole Share when consolidated with the original fraction and
    such allocation shall be deemed in effect immediately prior to the consolidation;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
    that the Shareholders shall not be entitled to receive a consolidated Share for a fraction of a consolidated Share, resulting
    from consolidation of half or less than half of the number of Shares the consolidation of which had created one consolidated
    Share, and may receive a consolidated Share for a fraction of a consolidated Share resulting from consolidation of more than
    half of the Shares creating one whole consolidated Share;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that such action as set forth in subsections (2) and (3) above would require the issuance of additional Shares,
    then payment for such Shares shall be made in the same manner applicable in case of payment for bonus shares. Such consolidation
    and division shall not be deemed to modify the rights of the Shares underlying such consolidation and division.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    any case of consolidation of Shares into Shares of a greater nominal value, the Board of Directors may determine arrangements
    to settle any difficulties that may arise with regard to such consolidation, and in particular, determine which Shares would
    be consolidated into such or other Share, and in case of consolidation of Shares not owned by one owner, may determine arrangements
    for sale of the consolidated Share, the manner of such sale and distribution of the (net) sale proceeds and appoint a person
    to execute such transfer and any act made by such person shall be valid and no claims against it may be heard.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    securities of the Company shall be under the control of the Board of Directors, and the Board of Directors may allocate or
    grant them at its discretion, subject to the provisions of any law and the provisions of these Articles. The Board of Directors
    of the Company may:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
    or allocate Shares and other securities, which are convertible or exercisable into Shares, up to the amount of the Company&rsquo;s
    registered Share Capital, including by allocation (or otherwise deal with them), against cash or for such other consideration
    which is not cash, with such exclusions and conditions, either at premium, at their nominal value or at a discount, on such
    dates as the Board of Directors deems fit;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolve
    to issue a series of debentures within its borrowing powers in the name of the Company and within such limits;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[h]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise resolved by the Company by Simple Majority Resolution, then in any event of offering of Shares to the holders of
    Company Shares, no obligation exists to make the same offer to all the Company&rsquo;s Shareholders. The Board of Directors
    may offer the securities of the Company to whomever it shall deem appropriate, regardless of whether such offerees are holders
    of securities of the Company or not, all subject to the provisions of any law, the provisions of these Articles and the contracts
    applicable to the Company on the allocation date.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[i]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    the allocation of Shares, the Board of Directors may provide for differences among the holders of such Shares as to the consideration,
    amounts of calls on Shares and/or the times of payment thereof.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B>&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
    Shareholdings</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company shall be entitled to treat the registered holder of a Share as the absolute owner thereof, and accordingly shall not be obligated to recognize any equitable or other claim to, or interest in, such Share on the part of any other person, except as ordered by a court of competent jurisdiction or as provided in the law. The foregoing shall not apply to a Nominee Company as defined in the Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the Company receives a request to record a person as a Shareholder in the Shareholders&rsquo; Register from someone in whose name such Shares are registered with a member of the stock exchange, and these Shares are registered in the Shareholders&rsquo; Register in the name of a Nominee Company, then the Company shall record such Shareholder in the Shareholders&rsquo; Register if the following conditions are met:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    applicant has delivered to the Company an undertaking from such member of the stock exchange with whom such Shares are recorded
    to notify the Company of the new shareholdings of the applicant immediately upon execution of an act which modifies its shareholdings
    in the Share.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    applicant has undertaken in writing towards the Company to notify the Company of the execution of such acts.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If two or more persons are registered as joint holders of any Share, any one of them may give effectual receipts for any dividend, Shares, bonus shares, share certificates, debentures, option warrants or any monies or other rights in respect of such Share, even if such dividend, Shares, bonus shares, share certificates, debentures, option warrants or any monies or other rights were delivered to another joint holder.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company may at any time pay commission to any person for his unconditional or conditional subscribing or consent to subscribe any share, debenture or series of debentures of the Company, or for his consent to underwrite, whether unconditionally or conditionally, any share or debenture, or debenture stock of the Company, all subject to the provisions of the law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    guardians and administrators of the estate of an individual Shareholder who has died, or, when there are no administrators
    of an estate or guardians, the persons having the right as heirs of the deceased individual Shareholder will be the only ones
    recognized by the Company as having a right to the Share that was registered in the name of the deceased.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a share is registered in the names of two holders or more, the Company shall only recognize the surviving partner or the surviving
    partners as the persons having the right to the Share or to a benefit in the Share, subject to the provisions of any law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    joint holder of a Share may transfer his joint ownership, subject to the provisions of these Articles.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may recognize the receiver or liquidator of any corporate Shareholder in winding-up or dissolution, or the trustee
    in bankruptcy or the guardian of a legally incompetent person, as being entitled to the Shares registered in the name of such
    Shareholder. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    person becoming entitled to Shares due to the death of a Shareholder, may, upon providing evidence of a probate of a will
    or appointment of a guardian or succession order, attesting the right of such person to the shares of the deceased Shareholder,
    be registered as a Shareholder by virtue of such Shares, or may, subject to the approval of the Board of Directors under the
    provisions of these Articles, transfer these Shares.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B>.
    </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Share
    Certificates</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    certificates shall be issued under the stamp of the Company and signed by two Directors, or signed by the General Manager
    of the Company and one Director or another person as determined by the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    member shall be entitled to receive, within six months following the allocation date or following the date of registration
    of a transfer, one share certificate for all the Shares registered in his/ its name, for which full consideration has been
    paid, or, if so approved by the Board of Directors, a number of share certificates for the Shares registered in his/its name.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Share certificate shall specify the numbers of the Shares for which it has been issued and any other particulars which the
    Board of Directors deems important or which may be required under any law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Share certificate registered in the names of two or more persons shall be delivered to the person first named in the Shareholders&rsquo;
    Register from amongst such joint holders and the Company shall not be bound to issue more than one certificate to all the
    joint holders of the Shares - delivery of such certificate to one holder shall be sufficient delivery to all the holders of
    the Share.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a Share certificate is defaced, lost or destroyed, the Board of Directors may issue another certificate to replace such certificate,
    provided that such certificate is delivered to and destroyed by the Board of Directors, or it is proved to its satisfaction
    that such certificate was lost or destroyed, and the Board of Directors receives satisfactory securities for any possible
    damage, all against payment, if such payment is imposed.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may issue the Shareholder a share warrant to bearer instead of a Share in his/its name. Where a share warrant to bearer
    is issued instead of a share in the name of the Shareholder, it shall be registered in the Shareholders&rsquo; bearer shares
    register and the name of the Shareholder shall be deleted from the Shareholders&rsquo; Register.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Shareholder duly holding a share warrant to bearer, may return the share warrant to bearer to the Company for cancellation
    and converting it into a registered share; upon such cancellation the name of the Shareholder must be registered in the Shareholders&rsquo;
    Register of registered shares, and specify the number of shares registered in the name of such Shareholder. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B>.
    </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Transfer
    of Shares and their Transmission</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    transfer of Company Shares shall be registered in the Company&rsquo;s Shareholders&rsquo; Register, unless one of the alternatives
    provided in Section 299 of the Companies Law is fulfilled, as set forth in Article 36(d) below.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    share transfer deed shall be signed by the transferor and the transferee and the transferor shall be deemed as having remained
    the Shareholder until the name of the transferee has been registered in the Shareholders&rsquo; Register in respect to the
    transferred share.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    deed of transfer of a Share shall be drafted in the following form or in form as similar as possible to it, or in a form to
    be approved by the Board of Directors: </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
&#9;__________ of ____________ (hereinafter: &ldquo;the <B>Transferor</B>&rdquo;) for consideration in the amount of NIS ________,
hereby transfer to ___________ (hereinafter : &ldquo;the <B>Transferee</B>&rdquo;) ______ shares of NIS _____ each, numbered ___
to ____ (inclusive) of the Company, to be held by the Transferee, his estate, his guardians and proxies, in accordance with all
of the terms whereby I held such shares immediately prior to the signing of this deed, and I, the Transferee, hereby agree to
receive the aforesaid shares, in accordance with the aforesaid terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In
witness whereof, we have hereto set our hands</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day of ________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, _________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transferor &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transferee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness
to signature of the Transferor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Witness to signature of the Transferee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Along
    with the share transfer deed any document required by the Board of Directors in connection with the transfer (including the
    transferred Share certificate) must be submitted to the Company. If a Share transfer is approved - all such documents shall
    be left with the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    approved by the Board of Directors, no transfer of Shares which are not fully paid shall have any effect. The Board of Directors
    may, at its absolute discretion and without assigning any reason therefor, decline to register the transfer of any Shares
    which are not fully paid.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    share transfer deed shall be delivered to the Office for registration. The deeds of transfer registered shall remain in the
    Company&rsquo;s possession, but all the deeds of transfer that the Board of Directors has refused to register for reasons
    permitted under these Articles or the Law, shall be returned on demand, to whomever delivered them, together with the share
    certificate (if delivered). </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
                                         Rights of a Shareholder</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the rights of a Shareholder as set forth in Article 5(b) above, each Shareholder in the Company shall be entitled
to the following rights:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Shareholder shall have a right to inspect the documents of the Company detailed below:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -19.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -19.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minutes
    of the General Meetings;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo;
    Register and Register of Substantial Shareholders of the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    Articles including any modifications thereto, as shall be made from time to time;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    document required to be filed by the Company with the Companies Registrar or the Securities Authority, under the provisions
    of the Companies Law and under any law and publicly available at the Companies Registrar or the Securities Authority, as the
    case may be; </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -19.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Shareholder may demand the Company, specifying the purposes of such demand, to inspect any documents in the possession of
    the Company concerning any action or transaction requiring the approval of the General Meeting pursuant to the provisions
    of Section 255 and Sections 268 to 275 of the Companies Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may refuse the Shareholder&rsquo;s demand if the Company believes that such demand was not made in good faith or that
    the requested documents include a commercial secret or patent, or that the disclosure of documents is otherwise likely to
    have an adverse effect on the Company. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Organs
    of the Company</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    organs of the Company are:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    acts and intents of an organ shall be deemed to be the acts and intents of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s organs shall have the following powers:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting shall have the powers set forth in Article 12 below.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors shall have the powers set forth in Article 22 below.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager shall have the powers set forth in Article 29 below.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    specifically stated otherwise in these Articles or in the Law, the Board of Directors may delegate any of Company&rsquo;s
    powers which were not conferred by the Law or pursuant to these Articles to any other organ of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting may assume upon itself powers conferred on the Board of Directors and/or any other organ of the Company in
    any matter essential for the orderly administration of the Company and/or for any act which deems, in the opinion of the General
    Meeting, to be in the best interests of the Company and/or any other matter for a period not exceeding one year and for any
    matter provided in Section 52 of the Companies Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors of the Company may assume upon itself powers conferred on the Company&rsquo;s General Manger in any matter
    essential for the orderly administration of the Company and/or for any act which deems, in the opinion of the General Meeting,
    to be in the best interests of the Company and/or any other matter for a period not exceeding one year and for any matter
    provided in Sections 51 and 52 of the Companies Law. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>GENERAL
MEETINGS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: center; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
    General Meeting and its Powers</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s resolutions in the following matters shall be adopted at the General Meeting:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to the Company's Articles of Association as set forth in Article 4 above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercising
    of powers of the Board of Directors in case the Board of Directors is unable to discharge its duties, in accordance with the
    provisions of Section 52(a) of the Companies Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of the Company's Accountant-Auditor, termination of such employment and determining the terms of his service, as set forth
    in Article 32 below;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of external directors in accordance with the provisions of Section 239 of the Companies Law and in accordance with Article
    20(i) below;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
    of acts and transactions which require approval of the General Meeting pursuant to the provisions of any law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    or decrease of the registered Share Capital, as set forth in Article 6 above;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[7]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Directors, other than external directors, as set forth in Article 20 below.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[8]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    merger as set forth in Section 320(a) of the Companies Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions of the Law with respect to the convening dates of General Meetings, the manner of their convening, the matters
    discussed therein, quorum, manner of giving notices, manner of voting, keeping of minutes, etc. shall apply in the matter
    of General Meetings, Special Meeting and class meetings, save as expressly provided otherwise in these Articles and subject
    to the provisions of any law. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Convening
    an Annual Meeting</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall hold an Annual Meeting each year and no later than the end of fifteen months after the last Annual Meeting.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agenda of the Annual Meeting shall include the following issues:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discussion
    of the Company&rsquo;s financial statements and the Board of Directors&rsquo; report;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Directors and determining their remuneration;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of an Accountant-Auditor;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    subject which the Board of Directors determines to include in the agenda of the Annual Meeting;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    matter which one or more Shareholders, who have at least one percent of the voting rights at the General Meeting, requests
    the Board of Directors to include on the agenda of the General Meeting, provided the matter is suitable for deliberation at
    the General Meeting. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Convening
    a Special Meeting</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors shall convene a Special Meeting according to its own decision and at the request of each of the following:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
    Directors or one quarter of the all Directors then in office;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    Shareholder, or more than one, holding at least five percent of the issued Share Capital and one percent of the voting rights
    in the Company, or one Shareholder, or more than one, holding at least five percent of the voting rights in the Company. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agenda of the Special Meeting shall be determined by the Board of Directors and shall also include subjects for which the
    convening of a Special Meeting is required under Article 14(a) above, as well as any subjects required by a Shareholder under
    Article 13(b)(5) above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors, if demanded to convene a Special Meeting, as set forth in Article 14(a) above, shall convene such Meeting
    no later than twenty one days after the date on which such demand is delivered to it, as set forth in the next Article below,
    for the date specified in the invitation delivered to the Shareholder under Article 15 below, provided the convening date
    shall not be later than 35 days after publication of the notice. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Notices
                                         Concerning the Convening of a General Meeting</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may determine an effective date in the matter of entitlements to receive invitations to General Meetings, participate
    and vote thereat, provided such date is not longer than 21 days and not less than 4 days prior to the date scheduled for the
    convening of the General Meeting, or any other effective date to be determined by law</FONT>.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of Section 69 of the Companies Law, notice on a General Meeting of the Shareholders shall be given to all
    the Shareholders entitled thereto by publishing the notice in two daily Hebrew newspapers published in Israel having a wide
    circulation or on the Company's website.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    notice shall specify the type of the meeting, the place and time, details of the subjects on the agenda, abstract of the proposed
    resolutions, the required majority for adopting resolutions and the a date for the determination of the Shareholders&rsquo;
    entitlement to vote at the General Meeting, as set forth in Section 182 of the Companies Law. If the notice specifies a date
    for an adjourned meeting, that is different from that stated in Section 78(b) of the Companies Law, namely earlier to or later
    than seven (7) days from the date of the original meeting, the notice shall specify the date of such adjourned meeting. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Deliberations
                                         at General Meetings</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting may discuss any matter as provided in the Law and these Articles and any matter included in its agenda, as
    specified in the notice regarding the convening of the General Meeting.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    quorum for the holding of a General Meeting shall be formed upon the presence of at least three Shareholders holding together
    at least thirty percent of the voting rights, within half an hour from the time set for its beginning.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    discussion is to be opened in a General Meeting, unless a quorum is present within half an hour from the time set for its
    beginning. If within half an hour from the time set for the beginning of the General Meeting a quorum is not present, the
    Meeting shall stand adjourned for one week, to the same day, hour and place, or any later date, if such date was indicated
    in the invitation for the Meeting or the notice of the Meeting (hereinafter: &ldquo;the <B>Adjourned Meeting</B>&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the quorum set forth in Article 16(b) above is not present at the Adjourned Meeting within half an hour from the time set
    for the Meeting, the Adjourned Meeting shall be held with any number of participants.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    the aforesaid in Article 16(d) above, if the General Meeting was convened on demand of Shareholders, as provided in Article
    14(a)(2) above, or in accordance with Section 64 of the Law, the Adjourned Meeting shall be held only in attendance of at
    least such number of Shareholders required for the purpose of convening such Meeting as provided in the Article 14(a)(2) above.
    </FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    General Meeting at which a quorum is present may resolve to adjourn the Meeting, the discussion or the adopting of a resolution
    in a matter included on the agenda, for another date and place as it shall determine; The Adjourned Meeting may not discuss
    matters other than those that had been on the agenda of the original Meeting and with respect to which no resolution was adopted.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a General Meeting is adjourned as set forth in Article 16(f) above, to a date exceeding twenty one days, notices on the Adjourned
    Meeting shall be given in the manner provided in Article 15 above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[h]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the General Meeting is adjourned without changing its agenda, to a date not later than twenty one days, notices and invitations
    as to the new date shall be provided, as early as possible, and not later than seventy two hours prior to the General Meeting;
    Such notices and invitations shall be given in accordance with Sections 67 and 69(a) of the Companies Law, <I>mutatis mutandis.</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Chairman
                                         of the General Meeting</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall serve as Chairman of the General Meeting or someone permanently appointed in writing
    by the Chairman of the Board of Directors for a specific Meeting or permanently.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    no Chairman is appointed for the Board of Directors or if the Chairman of the Board of Directors is not present and has not
    appointed a Chairman for the Meeting, the Chairman of the Meeting shall be whomever is appointed by the Meeting from amongst
    the members of the Board of Directors present, and if no Director is present - whomever the Meeting appoints from amongst
    the participants of the Meeting.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Voting
                                         at the General Meeting</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to and without derogating from any rights or restrictions applicable at any time to a specific class of Shares forming part
    of the Company&rsquo;s Share Capital, each member is entitled to one vote for every Share conferring on the holder thereof
    the right to vote or for which he serves as proxy for the Shareholder. A Shareholder shall be deemed entitled to attend and
    vote at the General Meeting, whether in person, or by proxy, or by means of a vote by written proxy, if such Shareholder delivers
    to the Company an ownership certificate as provided in the Regulations enacted for this purpose, for the effective date as
    specified in the notice on the convening of the Meeting, in accordance with Article 15(a) above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    corporation being a Shareholder of the Company may authorize, by resolution of its managers or another managing entity thereof,
    any person, as it shall deem appropriate, to be its representative at any General Meeting of the Company. The authorized person
    as aforesaid shall be entitled to exercise on behalf of the corporation he represents the same voting rights that the corporation
    itself might have exercised in accordance with the authorization given to it.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a Shareholder is a minor, ward, bankrupt or incapacitated, or, in case of a corporation, subject to receivership proceedings
    or liquidation, he/it may vote via his trustees, receiver, natural or other legal guardian, as the case may be, and such persons
    are entitled to vote in person or by proxy. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    two or more members are joint owners of a Share and are present and participate in the vote, then in the vote on any question,
    only the vote of the senior partner shall be accepted, amongst those present and voting, without regard to the other registered
    joint owners of the Share. For this purpose, the senior partner shall be deemed to be the person named first in the Shareholders&rsquo;
    Register, from amongst those present and voting.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Shareholder may appoint a proxy to vote in his place, who need not be a Shareholder in the Company. The appointment of a representative
    or proxy to attend and vote at the Meeting in the name of the Shareholder shall be in writing, under the hand of the Shareholder
    or of his attorney duly authorized in writing, or, if the appointer is a corporation, the document must bear binding signatures
    in accordance with the articles of association of such corporation. If the appointer is a corporation, a certification of
    an attorney shall be attached to the power of attorney according to which the power of attorney has been signed in accordance
    with the articles of association of such corporation.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    vote in accordance with the terms of the power of attorney shall be valid, even if the appointer already died or was declared
    bankrupt or legally incapacitated or canceled the instrument of appointment or transfered the share by virtue of which it
    was given, or, if a corporation, a liquidator or receiver was appointed for it, unless prior thereto a notification in writing
    of the change as above was received at the Office at least one day prior to the Meeting, or at the location of the Meeting
    prior to the time set for the beginning of the Meeting.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    instrument appointing a proxy and the power of attorney or other certificate (if any) or a copy thereof certified by a notary
    or attorney, shall be deposited at the place designated by the Board of Directors for depositing the ownership approval not
    less than forty eight hours before the time set for the General Meeting.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[h]</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Shareholder who holds more than one Share may appoint more than one proxy, subject to the following provisions:&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; width: 0.5in; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></td>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    instrument of appointment shall state the class of Shares in respect of which it is being given and their number;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    the overall number of Shares of any particular class stated in the instruments of appointment given by a Shareholder exceeds
    the number of shares of that class held by such Shareholder, all the instruments of appointment given by that Shareholder
    for any surplus Shares shall be void, without prejudicing the validity of the vote for the Shares held by such Shareholder;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    a proxy is appointed by the Shareholder and the instrument of appointment does not specify the number and class of the Shares
    which respect to which it has been given, the instrument of appointment shall be deemed to be given with respect to all the
    Shares on the date of depositing the instrument of appointment with the Company or delivery to the Chairman of the Meeting,
    as the case may be. Where an instrument of appointment was given in respect of a number of Shares which is lower than the
    number of Shares held by the Shareholder&rsquo;s, the Shareholder shall be regarded as having abstained from being present
    at the voting in respect of the balance of his Shares and the instrument of appointment shall only be valid for the number
    of shares stated therein.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[i]</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
    instrument appointing a proxy (whether for a meeting which shall be specially indicated or otherwise), shall be in the following
    form or a substantially similar form to the extent allowed by the circumstances:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 84%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;I,
                                         ________ of __________ a Shareholder in the Company and entitled to ____ votes, hereby
                                         appoint _______ of _________, or in his/her/its absence, ________ of _________, to vote
                                         for me and on my behalf in the (Annual/ Special/ Adjourned, as the case may be) General
                                         Meeting of the Company which will be held on the ____ day of the month of ________ year
                                         ________, and in any adjourned meeting of this meeting.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;In
        witness whereof, I have set my hand hereunto on this _________ day of the month of __________ year _____.&#9;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 47.45pt 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Resolutions
                                         at the General Meeting</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
    resolution put to the vote at a General Meeting shall be decided by count of votes.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
    at General Meetings, including a resolution in the matter of a merger, shall be adopted by Simple Majority.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    declaration by the Chairman of the General Meeting that a resolution at the General Meeting has been carried, either unanimously,
    or carried by a particular majority, or rejected, shall constitute <FONT STYLE="font-weight: normal"><I>prima facie</I><FONT STYLE="font-style: normal">
    evidence of the matters recorded therein.&nbsp;</FONT></FONT></FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>THE
BOARD OF DIRECTORS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: center; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Directors
                                         and their Appointment</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of Directors of the Company shall be determined from time to time by the General Meeting, provided the number of members
    of the Board of Directors (excluding the external directors) shall not be less than three<B><I> </I></B><FONT STYLE="font-weight: normal; font-style: normal">or
    more than twelve.</FONT></FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Directors of the Company shall be appointed by Ordinary Resolution at the Annual Meeting and they shall hold office until
    the close of the following Annual Meeting, but as long as no others were elected in their place, they shall continue to hold
    office, unless their office is vacated pursuant to any law or as stipulated in these Articles.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall appoint as Directors only such persons who are qualified to be appointed as Directors under any law.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of any law, no Director shall be disqualified due to his office as a Director, from occupying any other
    office or profitable position in the Company or in any other company, in which the Company shall be a Shareholder or shall
    have another interest therein, or from executing a contract with the Company as seller, buyer or otherwise, nor shall any
    such contract or any contract or agreement made by or on behalf of the Company, in which any Director shall have any interest
    be appealed, nor shall such Director be required to report to the Company on any profit derived from any such office or profitable
    position, or realized from any such contract or agreement, for the sole reason of such Director occupying such office or due
    to fiduciary relations created as a result thereof and provided the Director complies with the provisions of the law referring
    to the personal interest of the Director.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    corporation shall be qualified to serve as a Director. A corporation serving as a Director in the Company may appoint an individual
    who is qualified to be appointed as a Director in the Company, to serve on its behalf, and may replace such Director, all
    subject to the duties owed by the corporation to the Company. The name of the individual serving on behalf of the corporation
    shall be entered in the Directors' register of the Company, as someone serving in the name of such corporation. The duties
    applicable to the Director shall apply, jointly and severally, to the individual serving in the name of such corporation and
    to the corporation.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Director who has ceased to serve in such office will be eligible for re-appointment.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the office of the Director is vacated for any reason whatsoever, the serving Directors may add a Director in his place and
    such Director shall serve until the end of the term for which his predecessor was supposed to serve, but for the vacating
    of that office. For as long as the number of Directors does not exceed their maximum number, the Directors may add additional
    Directors up to the permitted maximum number and such addition shall remain in effect until the next General Meeting in which
    Directors are appointed.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[h]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may approve the appointment of a Director in such manner that the commencement of service of the Director is later
    than the date of his appointment.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[i]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions of the law shall apply to the appointment of external directors. Without derogating from the foregoing, the Company
    may by ordinary resolution approve the appointment of an external director for one additional term of three years.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[j]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Director may appoint an alternate director, all subject to the provisions of Section 237 of the Law. The provisions of the
    Law and these Articles applicable to a Director in the Company shall apply to the alternate director and his office shall
    terminate upon the occurrence of the events stipulated in the law or these Articles for which the office of the appointing
    Director be terminated.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[k]</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    office of a member of the Board of Directors, other than an external director, shall be vacated, <FONT STYLE="font-weight: normal"><I>ipso
    facto</I><FONT STYLE="font-style: normal">, upon the occurrence of any of the events stipulated in Section 228(a) of the Law,
    as well as upon occurrence of any of the following events:&nbsp;</FONT></FONT></FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    his death.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    he became legally incompetent.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the foregoing, the General Meeting may, by Ordinary Resolution, dismiss a Director, even if such Director
    was not appointed by the General Meeting, if the General Meeting resolves that such Director acted contrary to the Company's
    best interests or in breach of fiduciary duty towards the Company, and in such case the provisions of Section 230(a) of the
    Law, concerning the opportunity provided to the Director to present his position to the General Meeting, shall apply.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Remuneration
    of Directors</U></B>&#9;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Directors shall not receive any remuneration from the Company&rsquo;s funds, unless otherwise resolved by the Company. A Director
    shall be entitled to reimbursement for his reasonable expenses for travel and other expenses in connection with his participation
    in the Board of Directors&rsquo; Meetings and for discharge of his duties as member of the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may pay fees to a Director who rendered special services or invested special efforts for any of the Company&rsquo;s
    objects, in an amount to be determined by the Company and such fees shall be in addition to, or in lieu of, the fixed remuneration,
    if any.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    external directors shall be entitled to remuneration and reimbursement for their expenses as provided in the law. Without
    derogating from the above, the granting of an exemption, undertaking for indemnification or insurance shall not be deemed
    as consideration under the provisions of the Law and these Articles as set forth in Article 31 below.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B>&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Powers
                                         of the Board of Directors</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the powers of the Board of Directors, conferred thereto in accordance with these Articles, the Board of Directors
    shall direct the Company&rsquo;s policy and shall supervise performance of the General Manager&rsquo;s functions and acts,
    including:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
    the Company&rsquo;s action plans, principles for financing them and the priorities between them;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examine
    the Company&rsquo;s financial condition and determine the credit facilities which the Company may receive;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
    the organizational structure and the remuneration policy;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    resolve on the issuance of series of debentures;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Be
    responsible for drawing up the financial statements and for their ratification;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appoint
    and remove the General Manager;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[7]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decide
    on acts and transactions which require its approval pursuant to the provisions of Sections 255 and 268 to 275 of the Companies
    Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[8]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    allocate Shares and securities convertible to Shares up to the maximum value of the registered capital of the Company, as
    set forth in Article 6(g) above;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[9]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    resolve on a distribution of a dividend and purchase of Company Shares by the Company as set forth in Article 33 below;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[10]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shall
    present its opinion on a special tender offer as provided in Section 329 of the Companies Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    powers of the Board of Directors under Articles 22(a)(1) to 22(a)(10) above may not be delegated to the General Manager, except
    as provided in Section 288(b)(2) of the Companies Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the powers conferred upon the Board of Directors under any law or theses Articles, the following additional
    powers are conferred upon the Board of Directors:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    appoint a person, individuals, or a corporation for the purpose of receiving and holding, in trust for the Company, any assets
    belonging to the Company or in which the Company is interested, or for any other purpose, and to do all such acts and things
    necessary for any such trust and see to the payments of the fees of such trustee or trustees;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    open, conduct, defend, compromise or relinquish any legal proceedings on behalf of or against the Company or against any of
    its officers, or otherwise related to the Company&rsquo;s affairs and to settle and extend the time for payment or discharge
    of any debts owing by or to the Company, or any claims or demands by or against the Company; </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    refer to arbitration any claim or demand of the Company or against it;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    appoint and, at its discretion, remove or suspend any General Manager, Officeholder, employee or appointee, whether employed
    on a permanent or provisional basis or for special services, as the Board of Directors may deem fit from time to time, and
    to define their responsibilities and duties and determine their fees and salaries and demand securities, for such cases and
    in such amounts as the Board of Directors may deem fit.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may authorize the General Manager, either permanently or on a one-time basis, to appoint Officeholders
    and other employees, define their responsibilities and duties and determine their salaries and the terms of their employment.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    any time and from time to time, empower by means of a power of attorney any person to serve as the Company&rsquo;s attorney,
    for such objects and with such powers, authority and discretions (which shall not exceed such powers and discretions conferred
    upon or exercisable by the Board of Directors under these Articles) for such period and subject to such terms, as the Board
    of Directors may deem fit from time to time and any such appointment may be given, if the Board of Directors deems it fit,
    to any local board of directors to be established or any members thereof, or to any company or its members, its board of directors,
    appointees or the managers of any company or firm or anyone designated by any such appointed company or firm or otherwise
    to any appointed association, whether appointed directly or indirectly, by the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[7]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may appoint on behalf of the Company, an attorney or attorneys in Israel or outside of Israel, to represent
    the Company before any court, arbitrator, legal and quasi-legal tribunals, governmental, municipal or other bodies or ministries
    in Israel or outside of Israel, and to empower each such attorneys such powers as the Board of Directors may deem appropriate,
    including the authority to delegate any or all of such authorities to another or to others.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may delegate such powers to the General Manager, either permanently or on a one-time basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[8]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may, at any time, at its discretion, borrow or secure the payment of any sum or sums of money, in such
    manner, at such times and upon such terms and conditions as it deems fit, and in particular by the issuance of debentures,
    or series of debentures, either secured or not, or subject to any mortgages, charges or other securities on the whole or any
    part of the property or business of the Company, both present and future, including its uncalled or called but unpaid Share
    Capital for the time being. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Chairman
                                         of the Board of Directors</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; padding-right: 0; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; padding-right: 0; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; padding-right: 0; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors shall elect one of its members to be the Chairman of the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-right: 0; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0pt; text-indent: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 0; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0pt; text-indent: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall be elected by the members of the Board of Directors at the first Meeting after the
    Annual Meeting, or the Board of Directors&rsquo; Meeting that appointed him to serve as Director and shall serve as Chairman
    of the Board of Directors, unless otherwise resolved by the Board of Directors or until the termination of his office as Director.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Convening
                                         Meetings of the Board of Directors</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors shall convene for Meetings as per Company needs, and at least once every three months.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors may convene the Board of Directors at any time and at the request of each of the following:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
    Directors, and if the Board of Directors comprises up to five Directors - one Director;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    Director - if the provisions of Section 257 of the Companies Law are met;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the above, the Chairman of the Board of Directors shall convene the Board of Directors if a notice or a report
    of the General Manager under Section 122(d) of the Companies Law, or the report of the Accountant-Auditor under Section 169
    of the Companies Law, require an act of the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Board of Directors&rsquo; Meeting is not convened within 14 days after the date of the request as set forth in Article
    24(b) above, or from the date of the report of the General Manager or of the Accountant-Auditor under Article 24(c) above,
    then any of the persons set forth in the above stated Articles may convene the Board of Directors&rsquo; Meeting for such
    purpose.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of a Board of Directors&rsquo; Meeting shall be delivered to all members of the Board of Directors a reasonable time prior
    to the date of the Meeting.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    notice shall be delivered to the address of the Director as supplied by him in advance to the Company and state the date and
    place of the Meeting as well as a reasonable itemization of all matters on the agenda.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    that stated in Article 24(b) above, the Board of Directors may, with the consent of all of the directors, convene a Meeting
    without notice.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Board
                                         of Directors&rsquo; Meetings and their Proceedings</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall determine the agenda of the Board of Directors&rsquo; Meetings, that will include
    matters determined by the Chairman, matters determined as stated in Articles 24(b) and 24(c) above and any matters which a
    Director or the General Manager had asked, a reasonable time prior to the convening of the Meeting, the Chairman of the Board
    of Directors to include in the agenda.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall conduct the Meetings of Board of Directors. If the Chairman of the Board of Directors
    is absent from a Meeting, the Board of Directors shall elect one of its members to chair the Meeting and sign the minutes
    of the Meeting.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may hold meetings by the use of any means of communication, provided, that all the Directors participating
    in the meeting can hear each other simultaneously.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may pass resolutions without actually convening, provided all the Directors entitled to participate in
    the discussion and vote on the matter put to vote, have agreed not to convene for discussion of such matter.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    resolutions are adopted as stated in Article 25(d) above, the minutes of these resolutions shall be drafted, including of
    the resolution not to convene and shall be signed by the Chairman of the Board of Directors.</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall be responsible for the execution of such directives.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    quorum for the opening of a Meeting of the Board of Directors shall be the majority of members of the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[h]</FONT></td>
    <TD STYLE="vertical-align: bottom; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    Board of Directors&rsquo; Meeting, at which a quorum is present, may exercise all the powers, powers of attorney and discretions
    vested at such time in the Board of Directors, or which are generally exercised by it.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Voting
                                         at the Board of Directors</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Director shall have one vote in voting held at the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
    at Meetings of the Board of Directors shall be adopted by Simple Majority; the Chairman of the Board of Directors shall have
    no additional vote.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Director, in such capacity, shall not be party to any voting agreement and such agreement shall be deemed a breach of the
    Director&rsquo;s fiduciary duties.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minutes
    of a meeting approved and signed by the Director who served as head of the meeting, shall serve as <FONT STYLE="font-weight: normal"><I>prima
    facie</I><FONT STYLE="font-style: normal"> proof of their content.&nbsp;</FONT></FONT></FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Committees
                                         of the Board of Directors</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may form Board Committees. At Board Committees to which the Board of Directors has delegated his powers,
    no members shall serve other than members of the Board of Directors. Any Board Committee formed for the sole purpose of advising
    or recommending to the Board of Directors, may include members who are not also members of the Board of Directors (hereinafter:
    &quot;<B>Board Committee</B>&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Resolution that was adopted, or an act performed at a Board Committee, by virtue of a delegation of powers by the Board of
    Directors, shall be deemed a resolution adopted or an act performed by the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Board Committee shall report to the Board of Directors, on an ongoing basis, on its resolutions or recommendations.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    24 to 26 shall apply, <I>mutatis mutandis</I>, to the convening of the meetings of Board Committees and their proceedings.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s Board of Directors may not delegate to a Board Committee any of its powers in any of the following subjects:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining
    the Company&rsquo;s general policy;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    distribution, as such term is defined in Section 1 of the Companies Law, unless it involves a purchase of the Company&rsquo;s
    Shares in accordance with the framework which has been formulated in advance by the Board of Directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    determining of the Board of Directors&rsquo; position in a matter requiring approval of the General Meeting or the providing
    of an opinion as provided in Section 329 of the Companies Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    issue or allocation of Shares or securities which are convertible into Shares or which may exercised for Shares, or of a series
    of debentures, except as set forth in Section 288(b) of the Companies Law:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
    of the financial statements;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]&#9;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
    of acts and transactions which require the approval of the Board of Directors pursuant to the provisions of Sections 255 and
    268 to 275 of the Companies Law.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 33.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may form committees for any of the subjects detailed in this Article
                                         above for the sake of recommendation only.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may cancel a Board Committee appointed by it; however, nothing in the aforesaid cancellation shall serve
    to impair the validity of a resolution of the Board Committee on which the Company acted, in respect of any other person,
    who was not aware of its cancellation.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Audit
                                         Committee</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s Board of Directors shall appoint from among its members an Audit Committee and the provisions of Article 27
    above shall apply to it, <FONT STYLE="font-weight: normal"><I>mutatis mutandis</I><FONT STYLE="font-style: normal">.</FONT></FONT></FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of members of the Audit Committee shall not be less than three and its members shall be appointed in accordance with
    Section 115 of the Law.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Internal Auditor of the Company shall receive notices of any meetings of the Audit Committee and shall be entitled to participate
    in such. The Internal Auditor may request that the Audit Committee's chairman convene the Committee to discuss such matters
    as the Internal Auditor may set out in his request, and, if the chairman sees fit to do so, the chairman shall convene the
    Committee within a reasonable period following the request.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    on the convening of a meeting of the Audit Committee in which subjects relating the audit of the financial statements are
    to be raised shall be delivered to the Company&rsquo;s Accountant-Auditor, who may participate in such meeting.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Audit Committee shall consider deficiencies in the business management of the Company, among other things, in consultation
    with the Internal Auditor and the Accountant-Auditor of the Company and propose corrective measures to the Board of Directors.
    In addition, the Audit Committee shall decide whether to approve acts and transactions which require approval of the Audit
    Committee pursuant to the provisions of Sections 255 and 268 to 275 of the Companies Law.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29</B>.
    </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>General
    Manager</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may from time to time appoint one or more individuals, whether or not a Director, as the General Manager
    or General Managers of the Company, either for a fixed period of time or without limitation of time, and may from time to
    time, taking into account the provisions of any contract between him/them and the Company, release him/them from such office
    and appoint another/others in his/their stead.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager shall be responsible for the day-to-day management of the affairs of the Company within the framework of the
    policies determined by the Board of Directors and subject to its directives and shall be under the supervision of the Board
    of Directors; the General Manager shall have full managerial and operational powers which have been vested in him by the Companies
    Law or in these Articles, all the managerial and operational powers which have not been vested by the Companies Law or by
    these Articles in another organ of the Company, as well as any powers conferred upon the General manger by the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager shall submit reports to the Board of Directors on the Company&rsquo;s ongoing activities on such dates and
    scope as to be determined by the Board of Directors.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    fees of the General Manager and the conditions of his position shall be determined from time to time, taking into consideration
    the provisions of any contract between him and the Company and subject to the provisions of the Companies Law, by the Board
    of Directors, and it may be paid by way of a salary or commission, as percentage of the dividends, profits or the Company&rsquo;s
    financial turnover, or by participation in such profits, or in one or more of the aforementioned methods, and where the Law
    requires the approval of the General Meeting regarding a contract with an Officeholder, the contract shall be subject to such
    approval.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of any law, including Section 92 of the Companies Law, the Board of Directors may delegate from time to
    time to the General Manager for the time being such powers vested in the Board of Directors under these Articles, as it may
    deem appropriate and may grant such powers to be exercised for such purposes and needs and for such periods and under such
    conditions and restrictions, as it may deem fit, and may also delegate such powers either concurrently with the powers of
    the Board of Directors, or instead of all or part of such powers, and may from time to time cancel, modify or change any or
    all such powers.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager may, with the Board of Directors&rsquo; approval, delegate some of his powers to another person who is subordinate
    to him.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[g]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Manager shall submit reports to the Board of Directors on the Company&rsquo;s ongoing activities on such dates and
    scope as to be determined by the Board of Directors. The Chairman of the Board of Directors is entitled, at his initiative
    or pursuant to a resolution of the Board of Directors, requires reports from the General Manager in matters pertaining to
    the business affairs of the Company.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Officeholders of the Company</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors may from time to time appoint and dismiss, and subject to the provisions of any law and as provided in Article
22(c)(5) above, authorize the General Manager, either permanently or on a one-time basis, to appoint Officeholders and other employees,
define their responsibilities and duties and determine their salaries and the terms of their employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -42.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Liability, Insurance, Indemnification and Exemption</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -26.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of the Companies Law, the Company may enter into an insurance contract for covering the liability of an
    Officeholder thereof due to a liability to be imposed on him due to an act performed by him in his capacity as an Officeholder
    thereof, in any of the following cases:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breach
    of the duty of care towards the Company or towards another person;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breach
    of a fiduciary duty towards the Company, provided that the Officeholder acted in good faith and had a reasonable basis to
    believe that the act would not prejudice the Company&rsquo;s best interests;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    financial liability imposed on him in favor of another person;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    other insurable action in accordance with the Companies Law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    incurred by an Officeholder which are relating to an Administrative Enforcement Proceeding conducted with respect to him,
    including reasonable litigation expenses and attorney's fees;&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -26.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this regard, &quot;<B>Administrative Enforcement Proceeding</B>&quot;- procedure in accordance with Chapter 8-C, 8-D or 9-A to
the Securities Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    to the party injured by the violation, in accordance with Section 52(BBB)(a)1(a) to the Securities Law (&quot;<B>Payment to
    the Party Injured by the Violation</B>&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of the Law, the Company may indemnify any of its Officeholders due to any liability or expense, as set forth
    below, imposed on him or incurred by him, as a result of an act which he performed by virtue of his being an Officeholder
    of the Company:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    financial liability imposed on him in favor of another person by a court judgment, including a settlement judgment or an arbitrator's
    award approved by a court;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
    litigation expenses, including attorneys' fees, incurred by the Officeholder as a result of an investigation or proceedings
    instituted against such Officeholder by a competent authority, which investigation or proceedings have ended without the filing
    of an indictment against him and without the imposition of financial liability in lieu of criminal proceedings, or have ended
    without the filing of an indictment against him but with the imposition of a financial liability in lieu of criminal proceedings
    for an offense that does not require proof of criminal intent (mens rea).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
    litigation expenses, including attorneys' fees, expended by an Officeholder or charged to him by a court, in a proceeding
    filed against him by the Company or on its behalf or by another person, or in a criminal charge from which he was acquitted,
    or in a criminal charge of which he was convicted of an offense which does not require proof of criminal intent (mens rea).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
    as aforesaid may be made by means of an undertaking in advance to indemnify, as set forth in subsection [1] above, provided
    such advance indemnification undertaking shall be limited to events which, in the opinion of the Board of Directors, are foreseeable
    in light of the Company's actual operations at the time the indemnification undertaking is made, and to an amount or criteria
    which the Board of Directors deems reasonable under the circumstances of the matter and that the indemnification undertaking
    will specify the events foreseeable, in the opinion of the Board of Directors, in light of the Company's actual activities
    at the time of proving the undertaking, and the amount or criteria determined by the Board of Directors as reasonable in the
    circumstances as well as with respect to the events set forth in subsections [2] and [3] above or by means of retroactive
    indemnification, all as provided in Section 260(b) of the Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    incurred by an Officeholder in relation to an Administrative Enforcement Proceeding conducted with regard to him, including
    reasonable litigation expenses and including attorneys' fees;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[6]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    to the Party Injured by the Violation;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[7]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
    or expense otherwise permitted for indemnification by Companies Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions hereof are not and shall not serve to restrict the Company, in any way, with regards to its entering into an insurance
    contract and/or indemnification:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with persons who are not Officeholders of the Company, including employees, contractors or consultants of the Company
    who are not Officeholders of the Company; </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with the Officeholders of the Company - to the extent that such insurance and/or indemnification are not specifically
    prohibited under any law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of the Law, the Company may exempt an Officeholder of the Company, in advance, of his liability, in whole
    or in part, due to damage which it incurs as a result of the breach of the duty of care towards the Company. &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    that stated in subsection [d] above, the Company may not exempt a Director in advance for liability towards the Company due
    to breach of the duty of care in the course of a distribution.&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Internal
                                         Auditor and Accountant-Auditor</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s Board of Directors shall appoint an Internal Auditor to the Company, on recommendation of the Audit Committee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chairman of the Board of Directors shall be in charge, in terms of the organizational structure, of the Internal Auditor.
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Internal Auditor shall submit his proposal for an annual or periodical work program for approval of the Audit Committee and
    the Audit Committee shall approve it with such amendments as it shall deem fit. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Internal Auditor shall submit a report on his findings to the Chairman of the Board of Directors, the General Manager and
    the chairman of the Audit Committee; a report in accordance with Section 150 of the Companies Law shall be delivered by the
    Internal Auditor to the entity that had commissioned from him the preparation of the audit.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[5]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    office of the Internal Auditor shall not be terminated, other than in accordance with the provisions of Section 153 of the
    Companies Law.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting shall appoint an Independent Auditor for the Company. The Independent Auditor shall serve in this position
    until the end of the next Annual Meeting at which he was appointed. The General Meeting may determine, in its decision to
    appoint the Accountant-Auditor that the term of his office shall be longer than one year, all subject to the provisions of
    Section 154(b) of the Companies Law. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may appoint several Accountant-Auditors to jointly execute the auditing activities. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    fees of the Accountant-Auditor for the auditing activities shall be determined by the General Meeting that appointed him or
    by the Board of Directors if the General Meeting has not determined such fees or if the General Meeting empowered the Board
    of Directors to determine such fees. The Company&rsquo;s Board of Directors shall determine the fees of the Accountant-Auditor
    for additional services to the Company, which are not auditing activities. The Board of Directors shall report to the Annual
    General Meeting on the terms of engagement with the Accountant-Auditor for such additional services, including payments and
    obligations of the Company towards the Accountant-Auditor.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Distribution,
                                         Distribution of Dividends and Bonus Shares</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution,
    distribution of dividends and allocation of bonus shares shall be made in accordance with the provisions of the Law and subject
    to the following provisions of these Articles:</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    resolution on a distribution, distribution of dividends and allocation of bonus shares shall be adopted by the Company&rsquo;s
    Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    distribution of a dividend to the Company&rsquo;s Shareholders shall be made to all the Shareholders of the Company pro rata
    to the nominal value of each Share, unless these Articles, including any amendments thereto, expressly provide such rules
    in the matter of priority in the entitlement of any particular Shares&rsquo; class to receive a dividend.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may deduct from any dividends or other beneficial interests, such sums of money payable by the Shareholder
    to the Company on account of Share for which the dividend is paid or other beneficial interests are granted, in respect of
    such Share, whether the time for payment thereof has arrived or not.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may issue redeemable securities, all subject to the provisions of Section 312 of the Law and as shall be determined
    in the terms of issue of such redeemable securities. The Board of Directors is vested with the authority to provide for the
    issuance of redeemable securities.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may, as it shall deem advisable and appropriate, appoint trustees or nominees on behalf of the holders
    of bearer share certificates, who for such period, as determined by the Board of Directors, refrained from contacting the
    Company for the purpose of receiving dividends, Shares or other beneficial interests of any kind and also on behalf of such
    holders of the registered shares who did not provide the Company notice of change of their address and who refrained from
    contacting the Company for the purpose of receiving dividends, Shares or other beneficial interests during the aforesaid period.
    Such nominees and trustees shall be appointed for the purpose of exercising, collecting or receiving dividends, shares or
    other interests as aforesaid, to sign un-issued shares offered to the Shareholders, but such nominees or trustees may not
    transfer or assign the Shares for which they were appointed or vote thereat or transfer or assign rights held by them. The
    Company shall stipulate in the terms and conditions of the trust or nominees' appointment, that upon the first demand of the
    holder of the Share for which the trustees and nominees were appointed, such trustees and nominees shall be obligated to return
    said Share to its holder or to whomever the Company so directs as well as all such rights held by them for the Shareholder,
    as the case may be. Any act and arrangement made by these nominees or trustees and any agreement between the Board of Directors
    and such nominees or trustees shall be binding and effective on all parties concerned.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may from time to time determine the manner in which dividends are paid or bonus shares are distributed
    and all the other rights and arrangements associated therewith both to the holders of registered shares or bearer shares.
    Without derogating from the generality of the aforesaid, the Board of Directors may pay any dividends or other monies for
    the Shares by sending a check by post addressed to such Shareholder at his registered address as appearing in the Company&rsquo;s
    Shareholders&rsquo; Register.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>34.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Calls
                                         for Payment</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-indent: -33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-indent: -33.25pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may from time to time, at its discretion or subject to the terms on which the Shares were allocated, if
    any, make such calls upon Shareholders in respect of any sums unpaid in respect of Shares held by such Shareholders, as it
    may deem appropriate, provided that notice of any call shall be given to the applicable Shareholder no less than fourteen
    days prior to the time of payment, and any Shareholder shall be required to pay the amount called on the dates and at the
    places determined by the Board of Directors.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
    holders of a Share shall be jointly and severally liable to pay all calls for payment and installments in respect of such
    Share.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a call or installment payable in respect of a Share is not paid, the Shareholder or the person to whom such Share was allocated,
    shall be liable to pay such linkage differentials and interest on the call or installment as the Board of Directors shall
    determine, from the date on which payment was due until the day on which it is actually paid, but the Board of Directors may
    forego the payment of such linkage differentials or interest, in whole or in part.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    amount that, according to the conditions of issuance of a Share, must be paid at the time of issuance or at a fixed date,
    whether on account of the nominal value of the Share or for premium, shall be deemed for the purposes of these Articles to
    be a call for payment that was duly made and the payment date of which is the due date for payment, and in the event of non-payment
    all the provisions of these Articles concerning payment of linkage differentials and interest, forfeiture etc. and any other
    provisions of these Articles related thereto shall apply, as if a proper call for its payment has been made.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors, if it shall deem fit, may receive from a Shareholder wishing to pay, all monies payable on account of
    his Shares, or part thereof, in addition to such payments actually called, and may pay him interest and linkage differentials
    on the amounts paid in advance or on such part thereof exceeding the amount called at that time on account of the Shares with
    respect to which such advance payment was made, in the amount agreed upon by the Board of Directors and the Shareholder, and
    this in addition to the payable dividend, if any, on such paid portion of the Share with respect to which the advance payment
    was made.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-indent: -33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Forfeiture
                                         of Shares</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Shareholder (hereinafter in this Article: &ldquo;the <FONT STYLE="font-style: normal"><B>Debtor</B><FONT STYLE="font-weight: normal">&rdquo;)
    does not pay such call or any part thereof, in accordance with the provisions of Article 34 above, the Board of Directors
    may, at any time thereafter, forfeit any Share with respect to which notice was given to the Debtor on such call.</FONT></FONT></FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of any law, the forfeiture of a Share shall cause, at the time of forfeiture, the cancellation of all rights
    in the Company and any claim or demand against it with respect to that Share.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    forfeiture of a Share shall include all dividends in respect of that Share not paid before the forfeiture, even if declared.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may sell, re-allocate or otherwise disposed of any Share forfeited as the Board of Directors resolves,
    with or without any amount paid or deemed paid on account of the Share. Shares that were forfeited and have not yet been sold
    shall become treasury shares, as such term is defined in Section 308 of the Companies Law.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the proceeds received for sale of the forfeited Shares exceed the amount committed by the Debtor, the Debtor shall be entitled
    to restitution of the partial proceeds given for such Shares, if any, provided that the proceeds remaining with the Company
    shall not be less than full consideration committed to by the Debtor, plus the sales expenses.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may at any time collect the forfeited monies or any part thereof as it shall deem appropriate but shall
    not be obligated to do so.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>36.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Shareholders&rsquo;
                                         Register</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall keep a Shareholders&rsquo; Register and record in it the following information: &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
name, identity number and address of every Shareholder, all as provided to the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number and class of Shares held by each Shareholder, stating their nominal value, and in the event that a certain amount has
    not yet been paid on account of the consideration determined for such Share - the amount not yet paid; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of allocation of the Shares or the dates of their transfer to the Shareholder, as the case may be;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the Shares have serial numbers, the Company shall note, opposite to the name of each Shareholder, the respective numbers of the
Shares registered in such Shareholder&rsquo;s name;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Company has treasury Shares as provided in Section 308 of the Companies Law, the
                                         Register shall also specify their numbers and the date on which they became treasury
                                         Shares, all as known to the Company.&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    non-voting Shares in accordance with Section 309(b) or Section 333(b) of the Companies Law - also their numbers and the date
    on which they became non-voting Shares, all as known to the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Company maintains an additional Shareholders&rsquo; Register, as set forth in Article 37 below, it shall indicate the
    number of shares registered in the additional Shareholders' Register and their numbers, if the Shares are marked with serial
    numbers.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall change the Shares' ownership records in the Shareholders&rsquo; Register, as set forth in Article 36(a), in
    any of the following events:&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company receives a deed of transfer for the Share, signed by the Transferor and the Transferee and the conditions stipulated
    in these Articles for such transfer have been complied with;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    order of the court to amend the Registration is delivered to the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    is proved to the Company that the provisions of the law regarding the assignment of the right are met;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
    condition which, under these Articles, is sufficient for recording a change in the Shareholders&rsquo; Register is met.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company may close the Shareholders&rsquo; Register for a reasonable period to be determined by the Board of Directors, provided that such period shall not exceed 30 days each year. The Company shall publish a prior notice on the closing of the Shareholders&rsquo; Register at least 7 days in advance.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>37</B>.
    </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Register
    of Substantial Shareholders and Additional Shareholders&rsquo; Register Outside of Israel</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall keep in the Register of Substantial Shareholders the reports received by the Company under the Securities Law
    concerning the holdings of the Substantial Shareholders in the Company&rsquo;s Shares.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may maintain an additional Shareholders&rsquo; Register outside of Israel and the provisions of Section 138 of the
    Companies Law shall apply in this matter.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>38</B>.
    </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Seal,
    Stamp and Signatory Rights</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may have one or more rubber stamps for affixing on documents, and the Board of Directors shall provide for the safe
    custody of any such rubber stamp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may authorize any person to act or sign on behalf of the Company, and the acts and signature of such person
    on behalf of the Company shall bind the Company, insofar as such person acted and signed within his powers;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors may use and hold a seal for use outside of Israel and direct the manner of use thereof.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>39</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Accounts</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors shall be responsible for the Company&rsquo;s bookkeeping and for publication of financial statements as provided
is Sections 171 to 175 of the Companies Law and the provisions of any other law applicable to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Donations</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may donate reasonable amounts for a worthy purpose, even if such donation is not within the framework of the Company&rsquo;s
business considerations. The Board of Directors of the Company shall be in charge of execution of this Article.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
    Keeping of Minutes</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will draw up minutes of the proceedings at the General Meetings, class meetings, Board of Directors&rsquo; Meetings and
meetings of Board Committees and keep such minutes in its Registered Office or in another address in Israel of which the Company
provides notice to the Registrar, for a period of seven years after the date of the meeting.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>42</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Notices</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    notices or other documents that need to be served upon any Shareholder, may be delivered by the Company to the Shareholder
    either personally or by sending the notice in a prepaid registered letter addressed to such Shareholder at his address as
    registered in the Shareholders&rsquo; Register, or by giving notice to the Shareholders or holders of others rights of any
    type by means of publishing the notice in two daily Hebrew newspapers published in Israel having a reasonable circulation,
    and in case of such publication, it shall be deemed to replace the personal delivery or delivery by post.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    notice required to be given to the Shareholders shall, with respect to any Shares held by two persons or more jointly, be
    given to whichever of such persons is named first in the Shareholder&rsquo; Register, and any notice so given shall be sufficient
    notice to the holders of such Share. Alternatively, notice shall be given by means of publishing the notice in two daily Hebrew
    newspapers published in Israel having a reasonable circulation.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: left; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    Shareholder registered in the Shareholders&rsquo; Register in accordance with an address in Israel or abroad, which he has
    been given to the Company, from time to time, for the purpose of sending notices to the Shareholder, shall be entitled to
    receive at such address any notices which he is entitled to receive under these Articles, however, except for the above, any
    Shareholder not registered in the Shareholders&rsquo; Register shall not be entitled to receive any notice from the Company.</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[d]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may provide notice to such persons having a right to receive any Share as consequence of the death or bankruptcy of
    a member or his incompetence, and in case of a corporation - to its liquidator or receiver, by sending the notice by prepaid
    letter to their names to the address (if any) provided for this purpose by such person/s or (if such address is not yet provided)
    by delivery of the notice in the same manner in which the same might have been given if the death, bankruptcy, incompetence,
    liquidation or receivership have not occurred.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    notice or other document delivered or sent by post, shall be deemed to have been served two business days after it has been
    delivered at the post office and in proving such service or delivery it shall be sufficient to prove that the letter containing
    the notice or the document was properly addressed to the address appearing in the Company&rsquo;s records and delivered at
    the post office by prepaid letter.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[f]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the provisions of any law, whenever it is necessary to give a notice specified number of days in advance or notice which
    is valid for a specific period, the date of delivery shall be counted amongst the number of days or the period.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>43</B>.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Winding-up,
    liquidation and dissolution</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.25pt; text-align: justify; text-indent: -33.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Company be wound up, whether voluntarily or otherwise, the surplus assets shall be
                                         distributed subject to the provisions of any law concerning winding-up, liquidation and
                                         dissolution, and the special rights attached to the Shares, in the following order of
                                         preferences and manner of proportions:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></td>
    <TD STYLE="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return
    of Share Capital: Pari passu, pro rata to the paid up capital, on the nominal value of the Shares.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    balance of surplus assets: Pari passu, pro rata to the paid up capital on account of the nominal value of the Shares and for
    this purpose, any amount not called on the Shares shall be deemed as paid up, but any amount called, was due for payment but
    not paid prior to the date of commencement of liquidation, shall not be included in the paid up capital for the purpose of
    such distribution.&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.55pt; text-align: justify; text-indent: -54.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>filename3.htm
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<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,serif; margin: 0; text-align: right; text-indent: 0pt"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 0; text-align: right; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 0; text-align: right; text-indent: 0pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Execution Copy</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 0; text-align: right; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>**Confidential portions
have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;)**</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B><U>LICENSE AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This License Agreement (the &quot;<B>Agreement</B>&quot;),
dated as of May 20, 2015 by and between Dekel Pharmaceuticals Ltd., corporate number 51-419250-9, a private company incorporated
under the laws of Israel (the &ldquo;<B>Licensor</B>&rdquo;), and Therapix Biosciences Ltd., company number 51-358165-2, a public
company whose shares are listed for trading on the Tel Aviv Stock Exchange (&quot;<B>TASE</B>&quot; and collectively, the &ldquo;<B>Licensee</B>&rdquo;).
Licensee, on the one hand, and Licensor, on the other, may each individually be referred to in this Agreement as a &ldquo;<B>Party</B>&rdquo;
and collectively referred to in this Agreement as the &ldquo;<B>Parties</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>WHEREAS</B>, Licensor is the sole owner of certain
technology, know-how, information, materials, and results relating to PEA combination drug therapies technology, as more fully
described<U> below</U>; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>WHEREAS</B>, Licensor has offered to Licensee, and
Licensee is desirous of obtaining from Licensor, an exclusive, irrevocable, worldwide, royalty-bearing, sublicensable license for
the use of the Licensed Technology, all on the terms and conditions hereinafter set forth; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>NOW THEREFORE</B>, the parties hereto hereby agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>DEFINITIONS</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.1.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Calendar Quarter</U></B>&quot; shall mean the respective periods
of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December 31, for so long as this Agreement
is in effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.2.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><B>&quot;<U>First Commercial Sale</U>&quot;</B> will mean the first sale
of a Licensed Product by the Licensee after receipt of all governmental and other regulatory approvals required to market and sell
the Licensed Product have been obtained in the country in which such Licensed Product is sold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.3.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Licensee's Development Obligation</U></B>&quot; shall mean the
obligations imposed on Licensee in accordance with Section 4.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.4.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Licensed Know-How</U></B>&quot; shall mean any information, knowledge,
ancillary materials, results, devices trade secrets, inventions, know-how, data, processes, techniques, procedures, compositions,
materials, devices, methods, formulas, protocols and information, whether or not patentable, together with any documentation, data,
information or other materials related, covered or used by the Licensed Patents, and all improvements, updates, derivatives, modifications
and enhancements thereto made by Licensor by the Effective Date (if any).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.5.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><B>&ldquo;<U>Licensed Patents</U>&rdquo;</B> shall mean (i) the U.S., foreign
or international patent and/or patent applications set forth on <B><U>Exhibit A</U></B> attached hereto, (ii) the Patent Rights,
and (iii) any and all patent rights covering the Licensed Know-how. Exhibit A shall include and shall be updated from time to time
to reflect inclusion of new Licensed Patents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.6.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Licensed
                                         Product</U></B>&quot; shall mean any product that comprises, contains or incorporates
                                         the Licensed Technology.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.7.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Licensed Technology</U></B>&quot; shall mean the Licensed Patents
and Licensed Know-How, and other intellectual property owned by or licensed to Licensor related thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.8.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>M&amp;A
                                         Transaction</U></B>&quot; shall mean a transaction or series of transactions involving
                                         (i) a sale or transfer of all or substantially all of the assets of the Company, (ii)
                                         a sale or transfer of all or substantially all of share capital, (iii) a merger or consolidation,
                                         (iv) dissolution or liquidation, or (v) the consummation of any transaction or series
                                         of related transactions having similar effect as any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.9.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Net
                                         Sales</U></B><U>&quot;</U> shall mean the gross amount invoiced by or on behalf of Licensee,
                                         on sales of products under the License, less the following reasonable and customary deductions:
                                         (i) all trade, cash and quantity credits, discounts, refunds or rebates to the extent
                                         actually allowed and taken; (ii) amounts for claims, allowances or credits for returns,
                                         retroactive price reductions, or chargebacks; (iii) prepaid freight, sales taxes, duties
                                         and other governmental charges (including value added tax) to the extent separately stated
                                         on the invoice, and (iv) credits for uncollectible amounts on previously sold products,
                                         provided that reasonable efforts have been made to collect such amounts and provided
                                         that such amounts have been written off on Licensee's books in accordance with generally
                                         accepted accounting principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.10.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Patent
                                         Rights</U></B>&quot; shall mean any and all (a)&nbsp;patents, (b)&nbsp;pending patent
                                         applications, including, without limitation, all provisional applications, continuations,
                                         continuations-in-part, divisions, reissues, renewals, and all patents granted thereon,
                                         and (c)&nbsp;all patents-of-addition, reissue patents, reexaminations and extensions
                                         or restorations by existing or future extension or restoration mechanisms, including,
                                         without limitation, supplementary protection certificates or the equivalent thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.11.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Special
                                         Consideration</U>&quot; </B>shall mean the consideration detailed under Section 3.3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.12.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">&quot;<B><U>Sublicense
                                         Receipts</U></B>&quot;<U> </U>shall mean the gross amount actually received by Licensee
                                         from a third party to whom Licensee, at its sole discretion, granted any rights under
                                         the License with respect to the development, manufacturing, marking, sale or distribution
                                         of any rights under the License, except for limited, revocable, non-exclusive licenses
                                         granted to subcontractors in the ordinary course of business for the sole purpose of
                                         provision of services to Licensee, and which is not Net Revenues. Sublicense Receipts
                                         specifically exclude (i) any amounts received as grants in connection with government
                                         programs, or otherwise as research grants from national or international not-for-profit
                                         funding bodies, or in connection with an M&amp;A Transaction, (ii) reimbursement for
                                         patent expenses, and (iii) payments committed to cover costs actually incurred by Licensee
                                         under, and in accordance with detailed budgets and workplans included in sublicense agreement
                                         with Sublicensees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">1.13.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><B>&quot;<U>Transaction Consideration</U></B>&quot; shall mean the consideration
detailed under Section 3, along with Licensee's Development Obligation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt">2.</TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>LICENSE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">2.1.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">As of the Effective Date (as defined below), Licensor hereby grants to Licensee
and Licensee hereby accepts, an exclusive, irrevocable, worldwide, royalty-bearing, sublicensable license for the purpose of research
and development, manufacturing, sale, distribution, marketing and commercialization of the Licensed Technology and the Licensed
Products,(the &ldquo;<B><U>License</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: 0pt">Licensor shall freely
develop, manufacture, sell, distribute and commercialize any of its intellectual property (the &quot;Licensor's Activity&quot;),
provided, however, that (i) such intellectual property is not incorporated or covered by the Licensed Technology<FONT STYLE="font-family: David,sans-serif; font-size: 10pt">;</FONT>
and (ii) such Licensor's Activity shall not result in a product which competes with the Licensed Product.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">2.2.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><U>Sublicense Rights</U>. Licensor grants to Licensee the right to grant
sublicenses of any right under the License to third parties (each a &quot;<B><U>Sublicensee</U></B>&quot;), provided that: (i)
Licensee has notified Licensor in writing of the sublicense of rights to each Sublicensee; (ii) a sublicense will be no broader
than the License and shall contain, inter alia, restrictions on use of the License and other applicable requirements as severe
as those imposed on Licensee herein. In the event that this Agreement is terminated, Licensor will accept existing Sublicensees
in good standing at the date of termination and will enter into a direct license agreement with the sublicense at the terms and
conditions of the sublicense. Licensee shall be obligated to enforce the terms and restrictions on use of the License against any
Sublicensee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">2.3.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">Licensor shall, at Licensee&rsquo;s reasonable request, provide to Licensee
assistance, including consultation of Licensor&rsquo;s personnel, with respect to the License, including in connection with application
of the Licensed Technology to Licensee&rsquo;s technology and commercialization of the Licensed Products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">2.4.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">The Parties hereby agree that the execution, delivery and performance of
this Agreement and any of the provisions hereof are subject to (i) the receipt of approval by all relevant organs of both Parties
according to the Companies Law and any applicable regulations; (ii) completion of appropriate filings with and obtainment of the
required approvals of the Israeli Securities Authority and the TASE (and the OTCQB, if required)<FONT STYLE="font-size: 10pt">;</FONT>
and (iii) with respect to Licensee, an investment in the Licensee, whether by Licensor or by a third party, in one or multiple
transactions, in the aggregate amount not lower than US$ 350,000. The License granted hereby shall become effective as of the attainment
of the later of sub-Sections (i)-(iii) above (the &quot;<B>Effective Date</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>LICENSE CONSIDERATION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">3.1.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">Immediately following the Effective Date, Licensee shall be issued with 200,000
Ordinary Shares of Licensee, par value NIS 0.01 per share (the &quot;<B><U>Ordinary Shares</U></B>&quot;), at a price per share
equal to NIS 0.5 (the &quot;<B><U>Upfront Payment</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.9pt; text-align: justify; text-indent: 0pt">The value of the Upfront
Payment shall be NIS 100,000, and shall be set off against the Royalty Payments detailed under Section 3.3.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.9pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.9pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.9pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">3.2.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><B><U>Option(s)</U></B><U>.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.2.1&#9;Immediately
following the Effective Date, Licensee hereby grants Licenser an option to purchase Ordinary Shares of Licensee, in an aggregate
purchase price of up to US$ 500,000, at an exercise price of NIS 0.5 per share (the &quot;<B><U>Initial Option</U></B>&quot;).
Licensor shall notify the Licensee with respect to the exercise of the Initial Option by providing the Licensee with an written
notice with respect to such exercise. Unless exercised in accordance with this Section 3.2.1, the Initial Option shall expire within
90 days following the Effective Date (the &quot;<B><U>Initial Option Expiration Date</U></B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.2.2&#9;In the event
that Licensor elected to exercise its Initial Option in accordance with Section 2.2.1 above, Licensee shall grant the Licensor
with an additional option to purchase Ordinary Shares of Licensee, according to which Licensor shall be entitled to purchase up
to 4 additional Ordinary Shares, at an exercise price equal to NIS 0.65, for each Ordinary Share it purchased under the Initial
Option (the &quot;<B><U>Additional Option</U></B>&quot;). The Additional Option shall be limited to an aggregate purchase price
of US$ 2,000,000, and the number of shares underlying the Additional Option shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">Licensor shall notify
the Licensee with respect to the exercise the Additional Option by providing the Licensee with a written notice with respect to
such exercise. The Additional Option shall expire within 12 months following the Initial Option Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.2.3&#9;Notwithstanding
anything to the contrary herein, Licensor hereby acknowledges that the exercise of the Initial Option and/or of the Additional
Option (or part thereof) might be subject to Tender Offer regulation, as prescribed under the Companies Law and regulations promulgated
thereof. Licensor hereby agrees to abide and comply with such rules and regulations, as applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.4pt">3.3.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt"><B><U>Royalty Payments</U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: 0pt">Licensee shall pay
Licensor the amounts set forth in this Section 3.3. Such amounts shall be payable, on a Licensed Product-by-Licensed Product and
country-by country basis until the later of (i) <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, and (ii) <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.3.1&#9;<B><U>Net
Sales</U></B>. Licensee shall pay Licensor an amount equal to <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.3.2&#9;<B><U>Sublicense
Receipts</U></B>. Licensee shall pay Licensor an amount equal to <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">3.3.3&#9;<B><U>Milestone
Payments</U></B>. Licensee shall pay Licensor the following milestone payments:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">3.3.3.1&#9;Upon the
Licensee's success of pre-clinical studies with Licensed Product, Licensee shall pay Licensor an amount equal to US$ 25,000, either
by cash or equity equivalent based on NIS 0.5 per Ordinary Share, at Licensee's sole discretion;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">3.3.3.2&#9;Upon the
Licensees success of a phase 1/2a study with the &quot;entourage molecules&quot; with Licensor's PEA based formulation, Licensee
shall pay Licensor an amount equal to US$ 75,000, either by cash or equity equivalent based on NIS 0.5 per Ordinary Share, at Licensee's
sole discretion; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">3.3.3.3&#9;Upon the
earlier of (i) <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> or (ii) approval of the FDA/EMA of a drug product based on the Licensed Product &ndash; an
amount equal to US$ 75,000, either by cash or equity equivalent based on NIS 0.5 per Ordinary Share, at Licensee's sole discretion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 142.2pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt"><B><U>3A. Reports.</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">3A.1. Within sixty (60) days after
the conclusion of each Calendar Quarter commencing with the first Calendar Quarter in which Licensee first receives Net Sales,
Licensee shall deliver to Licensor a report, certified by Licensee's Chief Financial Officer, containing the following information:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.25pt"></TD><TD STYLE="width: 27.45pt">(i)</TD><TD STYLE="text-align: justify">The number of units of Licensed Products sold by Licensee or its Sublicensees to independent third
parties in each country for the applicable Calendar Quarter<FONT STYLE="font-size: 10pt">;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -27.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.25pt"></TD><TD STYLE="width: 27.45pt">(ii)</TD><TD STYLE="text-align: justify">The gross amount billed for Licensed Products sold by Licensee or its Sublicensees during the applicable
Calendar Quarter in each country<FONT STYLE="font-size: 10pt">;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -27.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.25pt"></TD><TD STYLE="width: 27.45pt">(iii)</TD><TD STYLE="text-align: justify">A calculation of Net Sales for the applicable Calendar Quarter in each country, including a listing
of applicable deductions<FONT STYLE="font-size: 10pt">;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -27.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.25pt"></TD><TD STYLE="width: 27.45pt">(iv)</TD><TD STYLE="text-align: justify">The total amount payable to Licensor in US Dollars with respect to the Net Sales for the applicable
Calendar Quarter, together with the exchange rates used for conversion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -27.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">3A.2.<B> </B>In addition to the reports delivered pursuant
to Section 3A.1, Licensee shall notify Licensor in writing within thirty (30) days of the receipt of any Sublicense Receipts. Licensee
shall remit to Licensor all amounts due with respect to such Sublicense Receipts within sixty (60) days of the receipt of such
Sublicense Receipts by Licensee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 26.95pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>ANTI-SHELVING AND COMMERCIALIZATION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 26.95pt; text-align: justify; text-indent: -26.95pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding-right: 0"></TD><TD STYLE="width: 35.45pt; padding-right: 0">4.1.</TD><TD STYLE="text-align: justify; padding-right: 0">The Licensee undertakes, at its own expense, to use its commercially reasonable
efforts to lead, manage and fund activities, costs and expenses in connection with the Licensed Technology formulation development
and maintenance, including, without limitation, pre-clinical studies, GM manufacturing, clinical testing and patent filings and
persecutions of the Licensed Technology, by a total annual investment cap of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, or in accordance with an annual
research and development plan and budget, which shall include, inter alia, timeframes and development milestones, to be mutually
agreed on between the Parties (the &quot;<B><U>Development Plan</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt 0 70.8pt; text-align: justify; text-indent: -35.4pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.2.</TD><TD STYLE="text-align: justify">Licensee shall be entitled, from time to time, to make such adjustments to the Development Plan
as the Licensee believes, in its good faith judgment, are needed in order to improve the Licensee's ability to meet the development
milestones under the Development Plan (the &quot;<B>Development Milestones</B>&quot;). Licensee shall notify Licensor promptly
regarding material changes to the Development Plan. Notwithstanding the foregoing or anything to the contrary in this Agreement,
the Licensee shall not be entitled to make any material change the Development Milestones or the time frames for achieving the
Development Milestones without Licensor's prior written consent which shall not be unreasonably withheld.<B> </B>If Licensor has
not approved or rejected the request within 30 days as of submission by the Licensee, such request shall be deemed approved. Any
consent by Licensor shall not be required in connection with a Development Milestone delayed or revised due to a decision or recommendation
of a regulatory agency.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.3.</TD><TD STYLE="text-align: justify">Within sixty (60) days after the end of each calendar year, the Licensee shall furnish Licensor
with a written report on the progress of its efforts during the prior year to develop and commercialize the Licensed Product.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.4.</TD><TD STYLE="text-align: justify">If the Licensee materially breaches any of its obligations pursuant to Sections 4.1 or 4.2 above
or pursuant to the Development Plan or Development Milestones (and such breach is not remedied or approved by Licensor according
to Sections 4.2 or 4.2 above), the provisions of Section 11.2.2 below shall apply with respect to such breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>PATENT PROSECUTION AND MAINTENANCE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">5.1.</TD><TD STYLE="text-align: justify"><B><U>Prosecution</U></B>. Licensee will, at its own costs and expenses, be solely responsible
for the preparation, filing, prosecution and maintenance of all patent applications and patents included in the Licensed Technology.
Licensee will instruct its patent counsel to copy Licensor on any patent application or notice of each official action of any patent
office (including but not limited to office actions, payment of fees, abandonment of applications etc.). Licensor will have the
right, but not the obligation, to propose changes to any filing and responses, which Licensee will consider (and Licensee will
direct the patent counsel to consider) prior to submitting the patent application or the response to office action.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">5.2.</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, and only in the event that Licensor decides, at its sole discretion,
to abandon a patent or patent application or not to file a patent application in specific countries, Licensee shall have the right,
but not the obligation, to make decisions with respect to the preparation, filing, prosecution and maintenance of such patent applications
and patents, at its own costs and expense. Licensor shall notify Licensee of any such decision within a commercially reasonable
period of time and at least ten (10) business days before any official dead-line. Any costs and expenses paid by Licensee toward
the preparation, filing, prosecution and maintenance of such patent applications and patents will be set-off against the Special
Consideration and reduce Licensee's payment obligation accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>6.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>REPRESENTATIONS AND WARRANTIES</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="letter-spacing: -0.1pt">6.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Warranties by Licensor.</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.9pt; text-align: justify; text-indent: 0pt">6.1.1&#9;Licensor
hereby represents and warrants that (i) the Licensed Technology does not infringe upon or make unauthorized use of any intellectual
property rights of any third party, and that the Licensed Technology is free and clear of all claims, security interests, charges,
liens, encumbrances or other adverse claims or third party rights; (ii) Licensor has never received any charge, complaint, claim,
demand, or notice alleging any such interference, infringement, misappropriation, or violation; (iii) Licensor is the sole and
exclusive owner of all right, title and interest in and to the Licensed Technology<FONT STYLE="font-family: David,sans-serif; font-size: 10pt">;</FONT>
(iv) there are no superior rights which would prevent Licensee from fully exercising its rights under the License<FONT STYLE="font-family: David,sans-serif; font-size: 10pt">;</FONT>
(v) there is no action, suit, claim, hearing, arbitrations or other legal proceeding or investigation by or before any entity of
any nature pending or threatened against the Licensor, in relation to the Licensed Technology<FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.9pt; text-align: justify; text-indent: 0pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">6.1.2&#9;Licensor
hereby further represents that it has not granted any rights to third parties in additional patents developed alone or jointly
with others, which may be commercially competitive with the patents and patent applications under the Licensed Technology.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">6.1.3&#9;There are
no amounts that shall be required to be paid by Licensor or by any other related party to any third party as a result of the exploitation
of the Licensed Technology.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">6.1.4&#9;Each person
who is an inventor of or who has or has had any rights in the Licensed Technology has assigned and has executed an agreement assigning
its entire right, title, and interest in such to the Licensor in all countries and jurisdictions applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">6.1.5&#9;All applicable
information in connection with the Licensed Technology has been kept confidential or has been disclosed to third parties only under
terms of confidentiality. No breach of such confidentiality has been committed by any third party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt">6.1.6&#9;The representations
and warranties of Licensor in this Agreement, and the information, documents and materials furnished to Licensee in connection
with its period of diligence prior to the Effective Date, do not, taken as a whole, (a) contain any untrue statement of a material
fact, or (b) omit to state any material fact necessary to make the statements or facts contained therein, in light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">6.2.</TD><TD STYLE="text-align: justify"><B><U>Mutual Representations, Warranties and Covenants</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt">Licensor and Licensee
each represents and warrants to the other, as of the Effective Date that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">6.2.1&#9;The execution
and delivery of this Agreement and the performance by it of the transactions contemplated hereby do not violate: (i) such Party&rsquo;s
Articles of Association or other organizational documents; (ii) in any material respect, any agreement, instrument, or contractual
obligation to which such Party is bound; (iii) any requirement of any applicable law; or (iv) any order, writ, judgment, injunction,
decree, determination, or award of any court or governmental entity presently in effect applicable to such Party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">6.2.2&#9;This Agreement
is a legal, valid, and binding obligation of such Party enforceable against it in accordance with its terms and conditions, subject
to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial
principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered
a proceeding at law or equity).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>7.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>CONFIDENTIALITY</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.1.</TD><TD STYLE="text-align: justify">Licensee shall not disclose to others any information and data relating to the objects and contents
of the Licensed Technology to others or use such information except as necessary to exercise its rights under this Agreement and
the License. Licensor shall not disclose to others any information or data relating to Licensee&rsquo;s technology or business,
which comes to Licensor&rsquo;s knowledge in connection with this Agreement, or use such information except in performing its obligations
hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.2.</TD><TD STYLE="text-align: justify">Excluded from the foregoing undertaking of confidentiality is (i) information which is in the public
domain at the date of the signing hereof or which becomes part of the public domain thereafter other than through the receiving
party&rsquo;s violation of any of the provisions of this Agreement; (ii) information in the receiving party&rsquo;s possession
prior to disclosure by the other party, as evidenced by the receiving party&rsquo;s written records; (iii) information received
by the receiving party from an independent third party who has no obligation of confidentiality to disclosing party; and (iv) information
independently developed by, as evidenced by the receiving party&rsquo;s written records, or for, the receiving party, provided
that the third party independently developing such information has no obligation of confidentiality to disclosing party. Licensee
may disclose to its personnel, agents and subcontractors, confidential information as shall be necessary for the exercise by it
of its rights or obligations under this Agreement, provided that such persons shall agree to be bound by a similar undertaking
of confidentiality.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.3.</TD><TD STYLE="text-align: justify">A disclosure by the receiving party of confidential information in response to a valid order by
a court or other governmental body, or as otherwise required by law, and to such extent necessary, shall not be considered to be
a breach of this Agreement, provided, however, that the receiving party shall provide the disclosing party with prompt prior written
notice ,as soon as legally permissible, to enable the disclosing party to seek a protective order or otherwise prevent or contest
such disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.4.</TD><TD STYLE="text-align: justify">The Parties shall keep the terms and conditions of this Agreement strictly confidential and will
not disclose it or provide a copy of this Agreement or any part thereof to any third party, nor issue any statements or releases
pertaining to this Agreement or the Parties&rsquo; discussions, without the other Party&rsquo;s prior written consent, which shall
not be unreasonably withheld or delayed. Notwithstanding the above, Licensor specifically acknowledges and understands that Licensee
is a public company traded on the Tel-Aviv Stock Exchange. Accordingly, (a) Licensee's Confidential Information may be considered
as &quot;inside information&quot; pursuant to Israeli securities laws and regulations; and (b) Licensee is required to make certain
disclosures and publications under applicable laws which may include this Agreement and/or the Parties' engagement, such disclosure
not to be deemed a breach of this Section, <U>provided</U> that such disclosures are limited to those required and are provided
to Licensee for comment a reasonable time in advance of such disclosures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt">For the purpose of this
Section, &quot;<B><U>Confidential Information</U></B>&quot; shall mean all ideas, data and information of any kind, including,
without limitation, technology, know-how, technical data, products, works of authorship, assets, operations, contractual relationships,
business plans or any other aspect of a Party's business or technology, disclosed, provided or otherwise made available by one
Party to the other.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.5.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary herein, Licensee shall be entitled to disclose this Agreement
to potential investors subject to standard confidentiality obligations, and such disclosure shall not be deemed breach of this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.6.</TD><TD STYLE="text-align: justify">The termination of this Agreement for whatever reason shall not release the parties from any of
its obligations under this Section 7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>8.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>TITLE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">8.1.</TD><TD STYLE="text-align: justify">Subject to the License, all right, title and interest in and to all ideas, methods, processes,
techniques and know-how comprising the Licensed Technology and any documents or other materials containing Licensed Technology
shall vest in Licensor exclusively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">8.2.</TD><TD STYLE="text-align: justify">It is hereby expressly agreed that all right, title and interest in and to the ideas, methods,
developments, modifications, improvements, processes, techniques and know-how made or developed by Licensee and which are based
on the Licensed Technology (the &quot;<B><U>Developments</U></B>&quot;) shall vest in Licensee exclusively. It is further agreed
that results of all experimentation and clinical trials relating to any of Licensee&rsquo;s proprietary technology, no matter by
whom performed, including but not limited to results gained from experiments relating to the use of the Licensee&rsquo;s proprietary
technology together with the Licensed Technology, shall vest solely in Licensee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">8.3.</TD><TD STYLE="text-align: justify">All ideas, methods, processes, techniques and know-how made or developed by Licensee prior to and/or
in the course of or related to the performance of this Agreement and/or exercise of the Licensee shall vest in Licensee exclusively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>9.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>INFRINGEMENT</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35.45pt; text-align: right"></TD><TD STYLE="width: 35.45pt">9.1.</TD><TD STYLE="text-align: justify">Licensor will indemnify Licensee against any cost, liability and expense (including
reasonable counsel fees) sustained by it in connection with any claim, suit or proceeding brought by any third party based on
a claim that the Licensed Technology infringes a patent, copyright, trademark or other intellectual property right of any third
party; provided, however,<I> </I>that<I> </I>Licensee shall:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 70.8pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70.9pt; text-align: right"></TD><TD STYLE="width: 27.45pt">(i)</TD><TD STYLE="text-align: justify">Give Licensor prompt written notice, as soon as legally permissible, of any such claim,
suit or proceeding;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 106.8pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70.9pt; text-align: right"></TD><TD STYLE="width: 27.45pt">(ii)</TD><TD STYLE="text-align: justify">Reasonably cooperate with Licensor in relation to any such claim, suit or proceeding
by way of, inter alia, the provision of assistance, information and authority necessary to perform the above.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 106.8pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">9.2.</TD><TD STYLE="text-align: justify; padding-right: 1.3pt">Licensee may, at Licensee's sole discretion, set off such indemnified amounts
due by Licensor to Licensee against the Transaction Consideration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 56.7pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><B></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.5pt"></TD><TD STYLE="width: 26.95pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B><U>INDEMNIFICATION; LIMITATION OF LIABILITY</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">10.1.</TD><TD STYLE="text-align: justify"><U>Indemnification by Licensor</U>. Subject to the provisions of this Section 10, Licensor agrees
to defend, indemnify and hold harmless Licensee and its directors, officers, agents, employees, successors and assigns, from and
against any and all actions, causes of action, judgments, awards and liabilities (collectively, the &ldquo;<B><U>Losses</U></B>&rdquo;)
to the extent arising from or relating to (i) any breach by Licensor of any of its covenants or provisions contained in this Agreement;
and (ii) any breach of any warranty or representation of Licensor contained in this Agreement. Notwithstanding anything to the
contrary herein, Licensor shall not be liable under this Section 10 with respect to any Losses directly attributable to the gross
negligence or willful misconduct of Licensee or to any breach by Licensee of any of its covenants or agreements, warranty or representation
contained in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 35.3pt">10.2.</TD><TD STYLE="text-align: justify"><U>Indemnification by Licensee</U>. Subject to the provisions of this Section 10, Licensee agrees
to defend, indemnify and hold harmless Licensor and its respective directors, officers, agents, employees, successors and assigns,
from and against any and all Losses to the extent arising from or relating to the exercise by Licensee of the License or any other
rights granted herein. Notwithstanding anything to the contrary herein, Licensee shall not be liable under this Section 10 with
respect to any Losses directly attributable to the gross negligence or willful misconduct of Licensor or to any breach by Licensor
of any of its covenants or agreements, warranty or representation contained in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 35.3pt">10.3.</TD><TD STYLE="text-align: justify">To invoke the indemnification undertakings provided for herein, the Party seeking indemnification
(the &ldquo;<B><U>Indemnified Party</U></B>&rdquo;) shall give prompt notice in writing after any such claim, demand or proceeding
becomes known to the Party from which indemnification is sought (the &ldquo;<B><U>Indemnifying Party</U></B>&rdquo;) The Indemnifying
Party shall have the sole discretion to settle any claims without the respective Indemnified Party&rsquo;s consent (unless such
settlement would require such Indemnified Party to make any unindemnified payment or adversely affect its rights, including but
not limited to any of its rights in or to the Licensed Technology, the Developments and other intellectual property rights, as
applicable, in which case the written consent of the Indemnified Party shall be required prior to such settlement, and such consent
shall not be unreasonably withheld). The Indemnifying Party shall have the sole right to retain and select counsel to represent
its interests in defending any claim as part of its indemnification obligation and such Party shall fully control such defense
at its sole cost and expense. Upon request and at the Indemnifying Party&rsquo;s sole cost and expense, the Indemnified Party shall
provide reasonable assistance necessary to defend any claim. In the case of a final award of damages in any such matter, the Indemnifying
Party shall pay such award, but shall not be responsible for any settlement made without its prior written consent, which shall
not be unreasonably withheld.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 35.3pt">10.4.</TD><TD STYLE="text-align: justify"><U>Limitation on Liability</U>. Except in connection with fraud or intentional misrepresentation
on the part of either Party, the aggregate liability of the Licensee under this Agreement or any document or certificate executed
or delivered in connection with this Agreement shall not exceed the aggregate amount actually paid by Licensee to Licensor under
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 35.3pt">10.5.</TD><TD STYLE="text-align: justify"><U>No Consequential Damages</U>. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NO
PARTY TO THIS AGREEMENT SHALL BE LIABLE TO OR OTHERWISE RESPONSIBLE TO THE OTHER PARTY OR ANY AFFILIATE OF THE OTHER PARTY FOR
LOST REVENUES OR PROFITS OR INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR MULTIPLIED DAMAGES OR ATTORNEYS FEES OR COSTS THAT
ARISE OUT OF OR RELATE TO THIS AGREEMENT OR THE PERFORMANCE OR BREACH HEREOF OR ANY LIABILITY RETAINED OR ASSUMED HEREUNDER; PROVIDED,
HOWEVER, THAT THE FOREGOING SHALL NOT BE CONSTRUED TO PRECLUDE RECOVERY IN RESPECT OF ANY LOSS DIRECTLY INCURRED OR SUFFERED FROM
THIRD PARTY CLAIMS IN CONNECTION WITH INTELLECTUAL PROPERTY AND CONFIDENTIALITY.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.6pt; text-align: justify; text-indent: -35.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>11.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>TERM AND TERMINATION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">11.1.</TD><TD STYLE="text-align: justify">The term of this Agreement shall commence on the Effective Date and hall continue in full force
and effect unless earlier terminated as provided in this Article 11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">11.2.</TD><TD STYLE="text-align: justify"><B><U>Termination</U> </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.2.1&#9;<B><U>Without
Cause.</U> </B>Licensee may terminate this Agreement upon sixty (60) days prior written notice to the Licensor.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.2.2&#9;<B><U>Termination
for Default</U><FONT STYLE="font-size: 10pt">. </FONT></B>In the event that either Party commits a material breach of its obligations
under this Agreement and such party fails to cure such breach within one hundred and twenty (120) days after receiving written
notice thereof, the other party may terminate this Agreement immediately upon written notice to the party in breach.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.2.3&#9;<B><U>Termination
for Bankruptcy</U>. </B>Each Party may terminate this Agreement upon notice to the other Party if such other Party (a) suffers
bankruptcy proceedings under any law which is not dismissed or stayed within ninety (90) days; (b) is adjudicated insolvent or
bankrupt, which adjudication is not dismissed within one hundred and twenty (120) days; (c) admits in writing its inability to
pay a significant portion of its debts; (d) voluntarily has a custodian, receiver or trustee appointed for it or substantially
all of its assets; or (e) involuntarily has a custodian, receiver or trustee appointed for it or substantially all of its assets,
which custodian, receiver or trustee is not discharged within ninety (90) days.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">11.3.</TD><TD STYLE="text-align: justify"><B><U>Effect of Termination. </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.3.1&#9;<B><U>Termination
of Rights</U>. </B>Upon termination of this Agreement by either Party pursuant to any of the provisions of Section 11.2, the rights
granted to Licensee by Licensor under the License shall terminate and the Licensed Technology shall be reverted to Licensor (&quot;<B><U>Termination
Effect</U></B>&quot;). The Licensee shall return or transfer to Licensor, within forty five 45 days of termination of the License,
all material, in soft or hard copy, relating directly to the Licensed Technology (other than Developments which shall be subject
to the provisions of Section 11.3.2 below), and it may not make any further use thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.3.2&#9;Notwithstanding
anything to the contrary, in the event that the Transaction Consideration due to Licensor during the first year as of the Effective
Date is not duly paid by Licensee, <U>in addition</U> to the Termination Effect, all intellectual property under the License, including
any Developments (as defined above), shall be licensed to Licensor by Licensee, and licensor shall pay to Licensee the applicable
Special Consideration, mutatis mutandis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.3.3&#9;Notwithstanding
anything to the contrary herein, in the event that Licensee terminates this Agreement in accordance with Section 11.2.3, Licensor
shall transfer and assign to Licensee all rights and title in and to the Licensed Technology, to the extent legally permissible,
for no consideration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.3.4&#9;<B><U>Accruing
Obligations</U>. </B>Termination or expiration of this Agreement shall not relieve the parties of obligations accruing prior to
such termination or expiration, including obligations to pay amounts accruing hereunder up to the date of termination or expiration.
Licensor shall refund all unspent payments in accordance with the respective Development Plan attributable to any payment previously
made by Licensee to Licensor. Alternatively, Licensee shall be entitled to credit such refundable amounts against payments due
from Licensee to Licensor in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">The parties shall
work together in good faith to secure an orderly wind-down of termination that will minimize the costs to the Parties of such wind-down.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">11.3.5&#9;<B><U>Survival</U>.
</B>The Parties&rsquo; respective rights, obligations and duties under Sections 7 through 10 and 11.3, as well as any rights, obligations
and duties which by their nature extend beyond the expiration or termination of this Agreement, shall survive any expiration or
termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B>12.</B></TD><TD STYLE="text-align: justify; padding-right: 35.4pt"><B><U>MISCELLANEOUS
                                         PROVISIONS</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.1.</TD><TD STYLE="text-align: justify"><B><U>Governing Law</U>.</B> It is expressly agreed that the validity, performance and construction
of this Agreement shall be governed by the laws of the State of Israel. Any dispute arising under or in relation to this Agreement
shall be resolved in the competent court for the Tel Aviv-Jaffa district, and each of the parties hereby submits irrevocably to
the jurisdiction of such court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.2.</TD><TD STYLE="text-align: justify"><B><U>Assignment</U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">12.2.1&#9;None of
the rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred
without the prior consent in writing of each party to this Agreement, except by the Licensee in the event of an M&amp;A Transaction,
provided, however that the assignee agrees in writing to be bound by the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">12.2.2&#9;Notwithstanding
the above, Licensor may assign the Initial Option and/or the Additional Option (or any part thereof) to a third party, provided,
however, that such third party shall exercise such assigned Initial Option and/or the Additional Option (or any part thereof) in
full<B> </B>(the &quot;<U>Assignee</U>&quot; and the &quot;<U>Assigned Option</U>&quot;). In the event that the Assigned Option
would not entitle the Assignee, upon exercise, to 25% or more of the voting rights in the Licensee, the assignment shall be subject
to the prior written approval of the Licensee's management.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">In the event that
the Assigned Option would entitle the Assignee, upon exercise, to 25% or more of the voting rights in the Licensee, the assignment
shall be subject to the prior written approval of the Licensee's Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">For the purpose of
calculating the percentage of the voting threshold herein, the voting rights shall be calculated aggregately based on any voting
rights in the Licensee held by such Assignee immediately prior to such assignment in addition to any prior Assigned Option(s) granted
to any third party under this provision.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">Licensor is not entitled
to assign any provision or right provided hereunder other than as set above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">12.2.3&#9;Any assignment
in accordance with this Section 11 shall be subject to any additional approvals and procedures as prescribed under the applicable
law and regulation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.3pt 0 106.8pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.3.</TD><TD STYLE="text-align: justify"><B><U>Invoices</U></B>. All payments due according to this Agreement shall be paid against applicable
invoice, to be submitted to the Licensee at least fourteen (14) days before such payment is due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.4.</TD><TD STYLE="text-align: justify"><B><U>Value Added Tax</U></B>. All amounts to be paid pursuant to this Agreement are exclusive
of Value Added Tax<FONT STYLE="font-family: David,sans-serif; font-size: 10pt"><B>;</B></FONT> Licensor shall add Value Added Tax,
as required by law, to all such amounts. If Licensee is required is required to withhold any amounts payable hereunder to Licensor
due to applicable law, such amount will be deducted from the payment to be made by Licensee and remitted to the appropriate taxing
authority for the benefit of Licensor. Licensee will cooperate with Licensor to provide information and records as Licensor may
require in connection with any application by Licensor to the tax authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.5.</TD><TD STYLE="text-align: justify"><B><U>Expenses</U></B>. Each Party shall bear its own expenses involved in the making of this Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.6.</TD><TD STYLE="text-align: justify"><B><U>Severability</U></B>. In the event that any term or provision of this Agreement shall be
unenforceable or invalid under any applicable law or be so held by applicable court decision, such unenforceability or invalidity
shall not render this Agreement unenforceable or invalid as a whole, and, in such event, such provision shall be changed and interpreted
so as to best accomplish the objectives of such unenforceable or invalid provision within the limits of applicable law or applicable
court decisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.7.</TD><TD STYLE="text-align: justify"><B><U>Notices</U></B>. All notices or other communications required or permitted to be given pursuant
to this Agreement shall be in writing and shall be telecopies or mailed by registered or certified airmail, postage prepaid, or
otherwise delivered by hand or by messenger, to both the Licensor and Licensee, according to their registered addresses, or such
other address with respect to a Party as such party shall notify the other Party. Any notice sent in accordance with this Section
11.6 shall be effective: (i) if mailed, seven (7) business days after mailing; (ii) if sent by messenger, upon delivery; and (iii)
if sent via telecopies, upon transmission and electronic confirmation of receipt or (if transmitted and received on a non-business
day) on the first business day following transmission and electronic confirmation of receipt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.8.</TD><TD STYLE="text-align: justify"><B><U>Waiver and Survival</U></B>. No term or provision hereof shall be deemed waived and no breach
hereof shall be deemed consented to or excused, unless such waiver, consent or excuse shall be expressed in writing and signed
by the party claimed to have so waived, consented or excused. Should either party consent, waive or excuse a breach by the other
party, such consent, waiver or excuse shall not constitute a consent to, waiver of, or excuse of any other or subsequent breach
whether or not of the same kind as the original breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.9.</TD><TD STYLE="text-align: justify"><B><U>Force Majeure</U></B>. Neither Party shall be responsible for any delay or failure in performance
hereunder caused in whole or in part by fires, strikes, floods, embargoes, acts of sabotage, riots, civil unrest, accidents, delays
of carriers or suppliers, voluntary or mandatory compliance with any governmental act, regulation or request, acts of God or by
public enemy, or other acts or omissions occurring without the fault or negligence of the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.10.</TD><TD STYLE="text-align: justify"><B><U>Entire Agreement and Amendment</U></B>. This Agreement, along with the exhibits annexed hereto,
sets forth the entire agreement and understanding of the parties with respect to the subject matter hereof, and contains all of
the promises, undertakings and other representations made by the Parties to each other prior to its execution, all of which are
merged herein. This Agreement supersedes and shall prevail over all prior oral and written agreements and understandings with respect
to the subject matter hereof. Each party acknowledges that it is not entering into this Agreement on the basis of any representations
not expressly contained herein. No subsequent amendment to this Agreement will be of any effect unless executed in writing and
signed by both of the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.11.</TD><TD STYLE="text-align: justify"><B><U>Due Execution</U></B>. Subject to Section 2.4 above, each Party represents that the execution,
delivery and performance by such party of this Agreement and all transactions contemplated hereby have been duly and validly authorized
by all necessary actions on the part of such Party and that neither this Agreement nor the performance hereunder by either Party
is in violation of such Party&rsquo;s obligations, contractual or otherwise, to any government, agency or any other Party or Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.12.</TD><TD STYLE="text-align: justify"><B><U>Headings</U></B>. The headings and captions contained in this Agreement shall not be considered
to be a part hereof for purposes of interpreting same, but are for convenience only.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">12.13.</TD><TD STYLE="text-align: justify"><B><U>Counterparts</U></B>. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together shall constitute one and the same Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the parties have caused
this Agreement (which includes the clauses on the attached schedules or exhibits) to be executed by their duly authorized representatives
as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>THERAPIX BIOSCIENCES LTD.</B></P>

</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>DEKEL PHARMACEUTICALS LTD.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">/s/
    Therapix Biosciences Ltd.</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">/s/
    Dekel Pharmaceuticals Ltd.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Signature (By)</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Signature (By)</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">Zohar Heiblum</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amit Berger</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">Ascher Smulewitz</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Name</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Name</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">Director</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">Chairman</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Title</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Title</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">5/20/15</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5/20/15</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid">5/20/15</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Date</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Date</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B><U>Exhibit A</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Patents and Patent Applications</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>filename4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.2</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>**Confidential
portions have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;)**</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESEARCH
FUNDING AND LICENSE AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">This
Research Funding and License Agreement is entered into as of this 31<SUP>st</SUP> day of January, 2016 (the &ldquo;<B>Effective
Date</B>&rdquo;), by and between Therapix BioSciences Ltd., a company formed under the laws of Israel, having a place of business
at 5 Azrieli Center (Square Tower), Tel Aviv 6702501 Israel<B> </B>(the &ldquo;<B>Company</B>&rdquo;) and Ramot at Tel Aviv University
Ltd. having a place of business at Tel-Aviv University, Ramat Aviv, Tel Aviv 6139201, Israel (&ldquo;<B>Ramot</B>&rdquo;). Ramot
and the Company shall each be referred to in this Agreement as a &ldquo;<B>Party</B>&rdquo; and together as the &ldquo;<B>Parties</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS:</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         rights and title to &ldquo;Service Inventions&rdquo; as defined in Tel-Aviv University
                                         (&ldquo;<B>TAU</B>&rdquo;) Regulations for Inventions, Patents and their Commercialization,
                                         vest solely with Ramot; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS:</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company wishes to fund research at TAU relating to ultra-low doses of THC for treating
                                         cognitive decline; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 89.85pt; text-align: justify; text-indent: -89.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company wishes to obtain an exclusive license in
the Ramot Technology for the development and commercialization of Products (as both terms are defined herein); and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS:</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramot
                                         agrees to grant the Company such a license, all in accordance with the terms and conditions
                                         of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE,</B> the parties hereto, intending to be legally bound, hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
used in this Agreement with an initial capital letter, the terms defined in this Section 1, whether used in the singular or the
plural, shall have the meanings specified below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
will mean, with respect to either party, any person, organization or entity controlling, controlled by or under common
control with, such party. For purposes of this definition only, &ldquo;control&rdquo; of another person, organization or
entity shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the activities,
management or policies of such person, organization or entity, whether through the ownership of voting securities, by
contract or otherwise. Without limiting the foregoing, control shall be deemed to exist when a person, organization or entity
(i) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the
other organization or entity, or (ii) possesses, directly or indirectly the power to elect or appoint fifty percent (50%) or
more of the members of the governing body of the other organization or entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Calendar
Quarter</B>&rdquo; will mean the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September
30 or December 31, for so long as this Agreement is in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Calendar
Year</B>&rdquo; will mean successive one year periods beginning on January 1 and ending on December 31 for so long as this Agreement
is in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Consultation
Results</B>&rdquo; will mean any and all Know-how developed or made by the Principal Investigator or any other faculty member,
student or employee of TAU or Ramot in the performance of the Consultation Services (if any).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Consultation
Services</B>&rdquo; will mean any research activities or services in connection with the Ramot Technology (including consulting
services), other than the Research, that are undertaken for the Company outside of TAU without using any &ldquo;University Facilities&rdquo;
(as such term is defined in the TAU Regulations for Inventions, Patents and their Commercialization) or any other resources of
TAU or Ramot (including intellectual property other than the Consultation Results) by the Principal Investigator or any other
member of the TAU Team during any period in which such person is employed by TAU or Ramot (including without limitation, part-time
employment, Sabbaticals and leave of absence, and Professor Emeritus status) and during a period of one year thereafter, whether
such activities or services are undertaken as an independent contractor or as an employee of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Development
and Commercialization Plan</B>&rdquo; will mean the plan for the development and commercialization of Products attached hereto
as <B><U>Exhibit A</U></B>, as such plan may be amended from time to time pursuant to Section 6.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Development
Milestones</B>&rdquo; will mean the development milestones specified in <B><U>Exhibit B </U></B>attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&ldquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
User<FONT STYLE="font-weight: normal">&rdquo; means the first entity (including distributor), that is not the Company, any Affiliate
or any Sublicensee, which is invoiced (under an arms length business relationship) for any sales, leases or other transfers of
Products.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>First
Commercial Sale</B>&rdquo; will mean the first sale of a Product by the Company, an Affiliate of the Company, or a Sublicensee
to an unaffiliated third party after (a) receipt of all governmental and other regulatory approvals required to market and sell
the Product have been obtained in the country in which such Product is sold. Sales for purposes of testing the Product and samples
purposes shall not be deemed First Commercial Sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Joint
Know-how</B>&rdquo; will mean any Know-how that is jointly discovered, generated, or obtained by, or on behalf of (a) the Principal
Investigator or any member of the TAU Team in the course of the performance of the Research or the Consultation Services, and
(b) one or more employees of the Company other than the Principal Investigator or a member of the TAU Team.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Joint
Patents</B>&rdquo; will mean any patents or patent applications that claim, and only to the extent they so claim, any Joint Know-how.
For the purposes of this definition, the US law applicable to determining joint inventorship shall apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Joint
Technology</B>&rdquo; will mean the Joint Know-how and the Joint Patents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Know-how</B>&rdquo;
will mean any discoveries, inventions (whether patentable or not), materials, information, data, designs, formulae, ideas, methods,
models, assays, research plans, procedures, designs for experiments and tests and results of experimentation and testing (including
results of research or development) processes (including manufacturing processes, specifications and techniques), laboratory records,
chemical, pharmacological, toxicological, clinical, analytical and quality control data, trial data, case report forms, data analyses,
reports or summaries and information contained in submissions to, and information from, ethical committees and regulatory authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Major
Markets</B>&rdquo; will mean <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Net
Sales</B>&rdquo; will mean the gross amount invoiced by or on behalf of the Company, its Affiliates and Sublicensees (in each
case, the &ldquo;<B>Invoicing Entity</B>&rdquo;) on sales, or other transfers of Products (whether made before or after the First
Commercial Sale of the Product) to a third party who will be an End User of the Products, less the following: (a) customary trade,
quantity, or cash discounts to the extent actually allowed and taken; (b) amounts repaid or credited by reason of rejection, return,
refunds, rebates or chargebacks; (c) to the extent separately stated in the invoices, any taxes or other governmental charges
(value added tax and/or any similar sales tax) levied on the sale, delivery, which is imposed on the Invoicing Entity (as set
out separately in the invoices, reflected in the Invoicing Entity's books, or otherwise substantiated in written documentation);
(d) credits or allowances given or made for uncollectible amounts on previously sold Products and for which a provision is made
in the Company's financial statements in accordance with the accounting principles customarily and consistently applied by the
Invoicing Entity provided that the Invoicing Entity shall reconcile such credit or allowance with payments actually received at
least once per Calendar Year; and (e) to the extent separately stated in the invoices, reasonable freight, packaging for shipping,
shipping insurance and related handling charges; all of such amounts (pursuant to (a), (b) and (d)) to be subtracted whether incurred
simultaneously with the sale of the Product or the date of the invoice or at any time thereafter, e.g. &ndash; annual discounts,
etc. , provided that in the event that an Invoicing Entity receives non-monetary consideration for any Products or in the case
of transactions not at arm&rsquo;s length between an Invoicing Entity and an End User, Net Sales shall be calculated based on
the fair market value of such consideration or transaction, assuming an arm&rsquo;s length transaction made in the ordinary course
of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of Products by an Invoicing Entity to an Affiliate of such Invoicing Entity for resale by such Affiliate shall not be deemed Net
Sales and Net Sales shall be determined based on the total amount invoiced on resale to an End User.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Patent
Challenge</B>&rdquo;<B> </B>will mean any action before any patent office, court or other tribunal or agency, challenging the
validity, patentability, enforceability and/or scope of any of the Ramot Patents or Joint Patents (including without limitation
through an interference or reexamination procedures).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Phase
II Trial</B>&rdquo; will mean a human clinical trial of a compound in any country that is intended to explore a variety of doses,
dose response, and duration of effect, and to generate initial evidence of clinical safety and activity in a target patient population
that would satisfy the requirements of (i) 21 C.F.R. 312.21(b), or (ii) equivalent regulatory filings with similar requirements
in a country or jurisdiction other than the United States. For the purpose of this Agreement, a Phase II Trial shall be deemed
to commence upon the first dosing of a human patient in such Phase II Trial.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Pivotal
Clinical Trial</B>&rdquo; will mean definitive study to support the safety and effectiveness evaluation of the Product for its
intended use<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Principal
Investigator</B>&rdquo; will mean Prof. Yosef Sarne.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Product(s)</B>&rdquo;
will mean any product, (i) which contains, comprises, utilizes or incorporates Ramot Technology and/or Joint Technology, in whole
or in part, or (ii) is developed or manufactured with the use of the Ramot Technology and/or Joint Technology, in whole or in
part, at any stage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ramot
Know-how</B>&rdquo;<B> </B>will mean (i) certain Know-how relating to the technology described in the Ramot Patents that shall
be transferred to the Company promptly following the Effective Date, as identified in <B><U>Exhibit C</U>, </B>(ii) the Research
Results other than the Joint Know-how, and (iii) the Consultation Results other than the Joint Know-how. <B><U>Exhibit C</U></B>
may be updated from time to time to reflect additional Ramot Know-how transferred to the Company during the term of this Agreement.
If the Ramot Know-how includes Know-how that is applicable to fields other than the field of ultra-low doses of THC, it is hereby
clarified that the license granted to the Company in the Ramot Know-how under this Agreement is limited solely to the field of
ultra-low doses of THC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ramot
Patents</B>&rdquo; will mean: (i) the patent application described in <B><U>Exhibit D</U></B> attached hereto, (ii) all patent
applications claiming the Ramot Know-how that are not already included in (i) above, (iii) all patent applications claiming the
Research Results that are filed as a result of the performance of the Research, other than Joint Patents, (iv) all patent applications
claiming the Consultation Results that are filed as a result of the performance of Consultation Services (if any), other than
Joint Patents, (v) all divisional, continuation, and continuation &ndash;in-part applications of the foregoing applications, (vi)
all patents issuing from any of the foregoing applications, and (vii) all reissues, reexaminations, extensions and restorations
of any of the foregoing patents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ramot
Technology</B>&rdquo; will mean the Ramot Patents and the Ramot Know-how.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Research</B>&rdquo;
will mean the research actually conducted during the Research Period by the TAU Team under the terms of this Agreement in accordance
with the Research Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Research
Plan</B>&rdquo; will mean the research plan attached hereto as <B><U>Exhibit E</U></B> as may be amended from time to time by
the mutual written agreement of the parties, which sets forth the research to be undertaken by the TAU Team under the direction
of the Principal Investigator during the Research Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Research
Results</B>&rdquo; will mean any and all Know-how discovered, generated, or obtained by, or on behalf of, members of the TAU Team
in the course of the performance of the Research.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Research
Period</B>&rdquo;<B> </B>will mean a period of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> commencing upon payment of the first installment of research
funding by the Company in accordance with Section 2.2 herein, which may be extended in order to finalize the Research Plan provided
no additional funds and resources are required from either Party in connection thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sublicense</B>&rdquo;
shall mean any right granted, license given, or agreement entered into, by the Company or its Affiliate to or with any other person
or entity, including an Affiliate of the Company, under or with respect to or permitting any use of the Ramot Technology or Joint
Technology or any part thereof or otherwise permitting the development, manufacture, marketing, distribution and/or sale of Products,
and any option to obtain or enter into such right, license, agreement or permission (regardless of the title given to such grant
of rights). For avoidance of doubt, the grant of a right to a third party to use a Product in its final form or to an End User,
which is a distributor, to market, distribute and/or sell the Product in its final form, without any rights to further develop
and/or manufacture such Product, shall not be considered a Sublicense, to the extent no specific consideration is assigned to
the grant of rights which is separate and distinct from the payment for supply and sale of Products. The foregoing shall further
exclude: (i) any non disclosure agreement and/or material transfer agreement and/or similar agreement according to which the Company
discloses the Ramot Technology for evaluation of prospective engagement only as long as no consideration is received by the Company
for the grant of such rights (other than for documented costs related to the delivery and manufacturing of any material, substance
or drug the expenditure of such amounts is confirmed to Ramot in writing by the Company&rsquo;s CFO) ; or (ii) an agreement with
a subcontractor performing solely development, manufacture and/or distribution (through one or multiple tiers) services for and
on behalf the Company; provided that (i) any act or omission by such third party subcontractor or service provider shall be deemed
an act or omission of the Company for the purposes of this Agreement, (ii) such third party subcontractor or service provider
shall not be entitled to exercise any of the rights granted to the Company, its Affiliates, or Sublicensees under this Agreement
for its own account, or to grant any such rights to any third person or entity, and (iii) such third party subcontractor or service
provider shall not pay any compensation to the Company, its Sublicensees or their Affiliates in connection with the grant of such
subcontractor or service provider the right to provide such services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sublicensee</B>&rdquo;
will mean any person or entity granted a Sublicense<B>. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sublicense
Agreement</B>&rdquo; will have the meaning set forth in Section 5.2.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sublicense
Receipts</B>&rdquo;<B> </B>will mean any payments or other consideration that the Company and its Affiliates receive, with the
exception of royalties based on Net Sales, in connection with a Sublicense, including without limitation license fees, license
option fees, milestone payments, license maintenance fees, and equity, provided that in the event that the Company or its Affiliates
receive non-monetary consideration in connection with a Sublicense, or in the case of transactions not at arm&rsquo;s length,
Sublicense Receipts shall be calculated based on the fair market value of such consideration or transaction, assuming an arm&rsquo;s
length transaction made in the ordinary course of business. Notwithstanding the foregoing, &ldquo;Sublicense Receipts&rdquo; shall
not include equity investments in the Company or its Affiliates to the extent made at fair market value (if the investment exceeds
the fair market value, only the excess amount will be treated as &ldquo;Sublicense Receipts&rdquo;). For the purpose of the foregoing,
the &ldquo;fair market value&rdquo; of an entity's equity securities shall be determined as follows: (i) if the shares of the
relevant entity are not traded on a stock exchange or over the counter market, the value of such equity securities as determined
in good faith by the Company's Board of Directors, having regard to the value most recently paid by a third party for shares of
such entity, and (ii) if the shares of the relevant entity are traded on a stock exchange or over the counter, the average closing
price of such shares on the fifteen (15) trading days prior to the closing of the equity transaction. Sublicense Receipts will
not include: (i) Funds received from Sublicensees that are designated for research and development of Products in accordance with
the Sublicense Agreement and that are actually expended on research and development of Products in accordance with a written development
plan and budget as evidenced in the Company's written records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>TAU
Team</B>&rdquo;<B> </B>will mean the Principal Investigator and those students, scientists and technicians performing the Research
at TAU under his direction<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Third
Party Royalty Payments</B>&rdquo;<B> </B>will mean royalty payments that the Company or its Affiliates are legally or contractually
required to make to an unaffiliated third party on sales of a Product in a particular country, in order to obtain a license to
patents owned or controlled by such third party that cover a device or a formulation that are incorporated in such product.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Valid
Claim</B>&rdquo; will mean a claim of a patent application or unexpired issued patent included in the Ramot Patents or Joint Patents
so long as such claim has not been: (i) abandoned or (ii) held invalid, rendered un-patentable through disclaimer, or lost through
an interference proceeding, all in a final court judgment or patent office decision that has not been appealed within the time
allowed by law for an appeal, or from which there is no further appeal. For the purpose of royalty determination and payment,
any claim being prosecuted in a pending patent application shall be deemed to be a &ldquo;Valid Claim&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Worldwide
Sales</B>&rdquo; will mean aggregate world-wide sales of Products by the Company, its Affiliate, and Sublicensees.<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1.
Performance. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1.1.</B> Ramot
shall cause TAU, under the direction of the Principal Investigator, to use reasonable efforts to perform the Research in accordance
with the Research Plan; however, Ramot and TAU make no warranties regarding the achievement of any particular results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1.2.
</B>The Research will be directed and supervised by the Principal Investigator, who shall have primary responsibility for the
performance of the Research. If the Principal Investigator ceases to supervise the Research for any reason, Ramot will so notify
the Company, and Ramot shall endeavor to find among the scientists at TAU, a scientist or scientists acceptable to the Company
to continue the supervision of the Research in place of the Principal Investigator. If Ramot is unable to find such a scientist
or scientists acceptable to the Company, within sixty (60) days after such notice to the Company, the Company shall have the option
to terminate the Research and shall have no further obligation to continue its funding pursuant to Section 2.2. The Company shall
promptly advise Ramot in writing if the Company so elects. Such termination of funding shall terminate Ramot&rsquo;s and TAU&rsquo;s
obligations pursuant to Section 2.1.1 above with respect to the Research, but shall not terminate this Agreement or any of the
other rights or obligations of the parties under this Agreement. Nothing contained in this Section 2.1.2, shall be deemed to impose
an obligation on Ramot or TAU to successfully find a replacement for the Principal Investigator, as opposed to the obligation
to endeavor to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.2.
Funding of Research.</B> The Company shall fund the Research during the Research Period in the total amount
of237,630NIS, which shall be paid to Ramot in accordance with the payment schedule set forth in <B><U>Exhibit F</U></B>.
Payment shall be made against valid tax invoice. For the avoidance of doubt, all payments payable to Ramot pursuant to this
Section should be net of any deductions or tax withholding, if applicable, which shall be borne by Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.3.
Research Reports and Updates. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
Investigator will prepare and keep complete and accurate documented records of the activities, methods, status, progress and Research
Results of the Research Plan, in compliance with applicable laws, regulation and standards (&ldquo;Records&rdquo;). Principal
Investigator shall be available from time to time for consultations by telephone and email with Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
Investigator shall furnish the Company, every 6 months, with reports of the activities performed, progress made and Research Results
generated during such period in form to be agreed by the Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
60 of the end of the Research Period, Principal Investigator shall provide the Company with a final report summarizing the Research
Results achieved during the Research Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.1</B>
As between the Parties, all rights, title and interest in and to the Ramot Technology are and shall be owned solely and
exclusively by Ramot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.2 </B>As
between the Parties, all rights, title and interest in and to the Joint Technology are and shall be owned jointly by
the Company and Ramot. The Parties shall be entitled to exploit the Joint Technology solely in accordance with the terms of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.3 </B>Other
than as set forth in Section 3.2, as between the Parties, all rights, title and interest in and to the intellectual property
conceived, conducted, developed, reduced to practice, compiled, created, written, authored, made and/or produced under the
licenses granted hereunder, without the involvement of any TAU or Ramot personnel during any period in which such person
is employed by TAU or Ramot (including without limitation, part-time employment, Sabbaticals and leave of absence, and
Professor Emeritus status) and during a period of one year thereafter, shall be owned solely and exclusively by the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patent
Filing, Prosecution and Maintenance.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.1 Filing
and Prosecution. </B>Ramot shall be responsible for the preparation, filing, prosecution, protection and maintenance of the Ramot
Patents and Joint Patents, using independent patent counsel selected by the Company who shall be reasonably acceptable to Ramot.
Ramot shall consult with the Company as to the preparation, filing, prosecution, protection and maintenance of the Ramot Patents
and Joint Patents reasonably prior to any deadline or action with respect to any material decision in the U.S. Patent &amp; Trademark
Office or any other patent office and shall instruct the patent counsel to furnish the Company with copies of all relevant documents
reasonably in advance of such consultation. Following consultation, Ramot shall use its best efforts to accept Company's position
and/or accommodate its requests. Ramot shall further instruct the relevant patent counsel to provide the Company with any information
concerning the Ramot Patents and Joint Patents requested by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.2. Expenses.
</B>Subject to Section 4.3 below, the Company shall reimburse Ramot for all documented patent-related expenses incurred by Ramot
commencing as of the Effective Date pursuant to this Section 4 within thirty (30) days after Ramot invoices the Company. In addition,
within ninety (90) days of the Effective Date, the Company shall pay Ramot a total amount of <B>[THE CONFIDENTIAL PORTION HAS
BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> as a reimbursement
for all expenses incurred by Ramot prior to the execution of this Agreement with respect to the filing and prosecution of Ramot
Patents (&quot;<B>Past Patent Expenses</B>&rdquo;). However, the Company shall not be obligated to reimburse Ramot for the Past
Patent Expenses if, during such 90 day period, the Company assigns to Ramot all of its rights in patent no. <B>[THE CONFIDENTIAL
PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
</B>and in all Company developments, <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>. <B> </B>In the event that the Company fails to reimburse Ramot for any
expense relating to a Ramot Patent or Joint Patent when such payment is due, then in addition to any remedy that may be available
to Ramot, Ramot shall be entitled to immediately discontinue the filing, prosecution, and maintenance of the relevant Ramot Patent
and/or Joint Patent, without notice to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3. Abandonment.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.1
<FONT STYLE="font-weight: normal">Subject to the provisions of this Section 4.3.1, the Company may elect not to pay for, or to
cease paying for the filing, prosecution or maintenance of any of the Ramot Patents or Joint Patents (an &ldquo;</FONT>Abandoned
Patent Right<FONT STYLE="font-weight: normal">&rdquo;) in any country other than the Major Markets (an &ldquo;</FONT>Abandoned
Country<FONT STYLE="font-weight: normal">&rdquo;). The Company shall provide Ramot with prompt written notice of such election,
specifying the relevant Abandoned Patent Right and Abandoned Country (an &ldquo;</FONT>Abandonment Notice<FONT STYLE="font-weight: normal">&rdquo;).
Upon receipt of such Abandonment Notice by Ramot, and only upon receipt thereof, the Company shall be released from its obligations
to reimburse Ramot for the expenses incurred thereafter in such Abandoned Country with respect to such Abandoned Patent Right.
In such event Ramot shall be entitled, but not obliged, to continue the preparation, filing, protection, prosecution, and maintenance
of any Abandoned Patent Right in the Abandoned Country at its own expense, and in such event the license granted hereunder shall
terminate with respect to such Abandoned Patent Right in such Abandoned Country, and Ramot shall be free, without further notice
or obligation to the Company, to grant rights in and to such Abandoned Patent Rights with respect to such Abandoned Country to
third parties. In the event that the Abandoned Patent is a Joint Patent, the Company shall assign its entire right, title and
interest in such Abandoned Patent to Ramot, and shall take all action and execute all documents reasonably requested by Ramot
in order to perfect the assignment of the Abandoned Patent to Ramot. Ramot undertakes to include in any license granted by Ramot
to a third party with respect to such Joint Abandoned Patent, liability and indemnification provisions such as those set forth
in Section 12 below, and to add the Company to the list of indemnified parties . </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.2
<FONT STYLE="font-weight: normal">The Company may not elect not to pay for, or to cease paying for, the Ramot Patents and Joint
Patents in the Major Market. In the event that the Company wishes to abandon any rights in the Major Market, Ramot shall consider
such request in good faith. In the event that the Company fails to meet its obligations pursuant to Section 4.2 with respect to
the Major Market, such failure shall constitute a material breach of the Company's obligations pursuant to this Agreement, and
Ramot shall be entitled to terminate this Agreement in accordance with the provisions of Section 13.3.2. As stipulated in Section
11.4 below,</FONT> <FONT STYLE="font-weight: normal">neither party shall be liable to the other party with respect to any subject
matter of this Agreement under any contract, negligence, strict liability or other legal or equitable theory for (i) any indirect,
incidental, consequential or punitive damages or lost profits or (ii) cost of procurement of substitute goods, technology or services.
</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.4
No Warranty.</B> Nothing contained herein shall be deemed to be a warranty by Ramot that the patent application/s included in
the Ramot Patent or Joint Patents will result in an issued patent, or that any patent application or issued patent that is or
may be included in the Ramot Patents or Joint Patents will be valid or of any value or will afford adequate or commercially worthwhile
protection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;License Grant</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1 License.
</B>Subject to the terms and conditions set forth in this Agreement, Ramot hereby grants to the Company an exclusive, worldwide,
sublicenseable, royalty-bearing license, under Ramot's rights in the Ramot Technology and Ramot&rsquo;s interest in and to the
Joint Technology for the sole purpose of research, developing, manufacturing, using, commercializing, sublicensing, offering for
sale, selling, having sold and importing Products. For purposes of this Section 5.1, the term &ldquo;exclusive&rdquo; means that
Ramot shall not grant such licenses or rights to any third party or to exercise any such rights itself, <I>subject</I>, <I>however</I>,
to the right of Ramot, TAU, their employees, students and other researchers at TAU and at collaborating research institutions
to practice the Ramot Technology and Joint Technology (i) for purposes of academic research and instruction, and (ii) for the
purpose of conducting the Research.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2 Sublicense</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.1. Sublicense
Grant. </B>The Company shall be entitled to grant Sublicenses to third parties under the license granted pursuant to Section 5.1
on terms and conditions in compliance with and not inconsistent with the terms of this Agreement. With the exception of Sublicenses
granted to Affiliates of the Company, such Sublicenses shall only be made for cash consideration and in bona-fide arm&rsquo;s
length transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.2.</B> <B>Sublicense
Agreements.</B> Sublicenses shall only be granted pursuant to written agreements, which shall be in compliance and not inconsistent
with and shall be subject and subordinate to the terms and conditions of this Agreement (each, a &ldquo;<B>Sublicense Agreement</B>&rdquo;).
Each such Sublicense Agreement shall contain, among other things, provisions to the following effect:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.2.1.
</B>All provisions necessary to ensure the Company&rsquo;s ability to perform its obligations under this Agreement, including
without limitation its obligations under Sections 6 (as applicable), 8.4, 8.5, 12 and 13.4.3;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.2.2.
</B>In the event of termination of the license set forth in Section 5.1 above, any existing Sublicense shall terminate; <U>provided</U>,
<U>however</U>, that, Ramot shall be obliged, at the request of the Sublicensee, to enter into a new license agreement with such
Sublicensee on substantially the same terms as those contained in a Sublicense Agreement, <U>provided</U> that such terms shall
be amended, if necessary, to the extent required to ensure that such Sublicense Agreement does not impose any obligations or liabilities
on Ramot which are not included in this Agreement and provided further that the Sublicensee is not then at breach of the Sublicense
Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.2.3. </B>The
Sublicensee shall not be entitled to sublicense its rights under such Sublicense Agreement, provided that a Sublicensee that is
an Affiliate of the Company may grant one further Sublicense of its rights; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.2.4.
</B>The Sublicense Agreement may not be assigned by Sublicensee without the prior written consent of Ramot, with the exception
of an assignment that complies with the terms of assignment set forth in Section 14.10 and provided further that Ramot is provided
with a copy of the agreement of the assignee to be bound by the terms of the Sublicenses Agreement as an original party thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.3. Delivery
of Sublicense Agreement. </B>The Company shall furnish Ramot with a fully executed copy of each Sublicense Agreement, promptly
after its execution. Ramot shall keep any such copies of Sublicense Agreements in its confidential files and shall use them solely
for the purpose of monitoring the Company's and Sublicensees&rsquo; compliance with their obligations and enforcing Ramot&rsquo;s
rights under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2.4. Breach
by Sublicensee.</B> Any breach of the terms of this Agreement by a Sublicensee, including any act or omission by a Sublicensee
which would have constituted a breach of this Agreement had it been an act or omission by the Company, shall constitute a breach
of this Agreement by the Company.<B> </B>Notwithstanding the foregoing. in the event that the Company becomes aware of such breach
by a Sublicensee, or if Ramot provides the Company with evidence of such a breach, then the Company shall enforce Company's rights
with respect thereto under Company's agreement with such Sublicensee, including terminating such agreement, or permit Ramot to
enforce such rights, in each case at the cost and expense of the Company. The foregoing shall be the initial remedy under this
Agreement and only to the extent such remedies do not cure such breach Ramot may exercise any other rights or remedies available
under this Agreement or the applicable law as a result of such breach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3 No
Other Grant of Rights. <FONT STYLE="font-weight: normal">Nothing in this Agreement shall be construed as the grant of any right
or license, express or implied, in or to any patent right, Know-how or other intellectual property right owned or controlled by
Ramot or TAU, other than the Ramot Technology and Ramot&rsquo;s interest in the Joint Technology. Other than as specifically set
forth in Section 5,</FONT> <FONT STYLE="font-weight: normal">the Company, its Affiliates and Sublicensees shall not have, and
shall not be entitled to grant, directly or indirectly, to any person or entity, any right of whatever nature under, or with respect
to, or permitting any use or exploitation of the Ramot Technology or Joint Technology. Without in any way limiting the generality
of the foregoing, the Company and Sublicensees shall not have any right under the Ramot Technology or Joint Technology to develop,
manufacture, market or sell products or services other than Products.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and Commercialization.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1. Diligence.
</B>The Company shall use its reasonable commercial efforts, including funding consistent therewith, and/or shall cause its Affiliates
or Sublicensees to use their reasonable commercial efforts, including funding consistent therewith: (i) to develop Products including
in accordance with the Development and Commercialization Plan during the periods and within the timetable specified therein, (ii)
to introduce Products into the commercial market and (iii) to market Products following such introduction into the market. Without
limiting the foregoing, the Company, by itself or through its Affiliates or Sublicensees, shall meet each of the Development Milestones
within the time periods set forth in <B><U>Exhibit B</U></B>, as may be adjusted according to Section 6.2 (ii) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.2. Amendments
to the Development and Commercialization</B> <B>Plan.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Company shall be entitled, from time to time, to make such adjustments to the Development and Commercialization Plan as the
Company believes, in its good faith judgment, are needed in order to improve the Company&rsquo;s ability to meet the Development
Milestones. The Company shall notify Ramot promptly regarding deviations from the Development and Commercialization Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Notwithstanding the foregoing or anything to the contrary in this Agreement, the Company shall not be entitled to change the Development
Milestones or the time frames for achieving the Development Milestones without Ramot's prior written consent, which shall not
be unreasonably withheld. Such consent shall not be required in connection with a Development Milestone delayed or revised by
not more than six (6) months due to a decision or recommendation of a regulatory agency to the extent that the Company continues
to actively and continuously invest the required financial resources to meet the respective Development Milestone, as confirmed
to Ramot in writing by the Company&rsquo;s senior management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.3.</B> <B>Review
Meetings.</B> The Principal Investigator, a Company representative and a Ramot representative shall meet or conduct a teleconference
(at their election) no less than once every six (6) months during the term of this Agreement commencing with the Effective Date,
at locations and times to be mutually agreed upon by the parties, (i) to review the progress being made under the Development
and Commercialization Plan and the progress being made in any other research and development activities conducted by the Company,
its Affiliates and Sublicensees relating to Products, (ii) to review and agree upon any necessary or desired revisions to the
then current Development and Commercialization Plan, (iii) to review the progress being made towards fulfilling the Development
Milestones and (iv) to discuss intended efforts for fulfilling such milestones.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.4. Progress
Reports. </B>Within sixty (60) days after the end of each Calendar Year, the Company shall furnish Ramot with a written report
on the progress of its, its Affiliates&rsquo; and Sublicensees&rsquo; efforts during the prior year to develop and commercialize
Products, including without limitation research and development efforts, marketing efforts, and sales figures. The report shall
also contain a discussion of intended efforts and sales projections for the then current year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> 6.5. Failure.
</B>If the Company breaches any of its obligations pursuant to Section 6.1, Ramot shall notify the Company in writing of the Company&rsquo;s
failure and shall allow the Company ninety (90) days to cure its failure. The Company failure to cure such failure to Ramot&rsquo;s
reasonable satisfaction within such 90-day period shall constitute a material breach of this Agreement and Ramot shall have the
right to terminate this Agreement forthwith. As stipulated in Section 11.4 below, neither party shall be liable to the other party
with respect to any subject matter of this Agreement under any contract, negligence, strict liability or other legal or equitable
theory for (i) any indirect, incidental, consequential or punitive damages or lost profits or (ii) cost of procurement of substitute
goods, technology or services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration for Grant of License</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for the rights and licenses granted to the Company pursuant to this Agreement, the Company shall pay to Ramot the
following consideration:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1 Royalty
Payments. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1.
Royalty Rate<FONT STYLE="font-weight: normal">. The Company will pay Ramot an amount equal to </FONT>[THE CONFIDENTIAL PORTION
HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]<FONT STYLE="font-weight: normal">
on all Net Sales of Products by the Company, its Affiliates and Sublicensees. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.2.</B> <B>Royalty
Reduction.</B> In the event that a Product is not covered by at least one Valid Claim in a country in which such Product is sold
by the Company or its Affiliates and Sublicensees during the Royalty Period (as defined in Section 7.1.5 below), then the royalty
payable to Ramot for sales of such Product in such country shall be reduced to <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of the royalty set forth
in Section 7.1.1, <I>provided however</I>, that (a) in the event that a particular Product is or was covered by a Valid Claim
in the country (or one of the countries) in which such Product was manufactured, or imported prior to being sold in the country
of sale, the full royalty rate set forth in Section 7.1.1 shall be payable for Net Sales of such Product wherever it is subsequently
sold by the Company or its Affiliates and Sublicensees; and (b) for so long as such Product is covered by a Valid Claim in the
US, the full royalty rate set forth in Section 7.1.1 shall be payable for Net Sales of such Product by the Company or its Affiliates
and Sublicensees throughout the world.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.3.
Third Party Royalty Payments</B>. In the event that the Company or an Affiliate of the Company is required to pay, and actually
pays during the Royalty Period, Third Party Royalty Payments, then the Company shall be entitled to offset <B>[THE CONFIDENTIAL
PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
</B>of such Third Party Royalty Payments against the royalty due to Ramot on Net Sales of such Product in such country during
the same period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the royalty payable to Ramot shall not, in any event, be reduced to less than <B>[THE CONFIDENTIAL PORTION HAS
BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of Net
Sales of such Products by the Company and its Affiliates and Sublicensees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Ramot's request, the Company shall provide Ramot with a copy of the written agreement setting forth the terms of such Third Party
Royalty Payments (which may be redacted as appropriate), in order to enable Ramot to verify the amounts to be deducted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.4. Increased
Royalty Rates upon a Patent Challenge. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.4.1.
</B>In the event that the Company, its Affiliate or a Sublicensee<B> </B>brings a Patent Challenge or assist a third party in
bringing a Patent Challenge, the Royalty Rates payable to Ramot under Section 7 shall be <B>[THE CONFIDENTIAL PORTION HAS BEEN
SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>during the
pendency period of the Patent Challenge. Moreover, should such Patent Challenge be rejected or dismissed the Royalty Rates payable
to Ramot by the Company and its Affiliates shall be <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 106.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 106.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 106.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.13in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.4.2.
</B>In the event that the Company, its Affiliate or a Sublicensee<B> </B>bring a Patent Challenge<B> </B>or assist a third party
in bringing a Patent Challenge<B>, </B>the Company agrees to pay directly to Ramot all royalties due under this Agreement during
the pendency period of the Patent Challenge. For the sake of clarity, the Company shall not pay such amounts into any escrow or
other account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 106.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1.5. Royalty
Period. </B>The royalty set forth in Section 7.1 will be payable during a period which shall commence on the Effective Date and
shall continue on a country-by-country, Product-by-Product basis, for the longer of: (a) fifteen (15) years from the date of the
First Commercial Sale of such Product in such country; and (b) until the last to expire of the Ramot Patents and Joint Patents
in such country (the &ldquo;<B>Royalty Period</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.6 In
the event the royalty reduction pursuant to more than one Section (Section 7.1.2 and 7.1.3) become applicable to any royalty payments
in a given country in a given Calendar Quarter, only one reduction shall apply, provided that applicable reduction shall provide
for the maximum available reduction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.2 Sublicense
Receipts. </B>The Company shall pay Ramot <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of all Sublicense Receipts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.3. Development
and Sales Milestone Payments. </B>The Company shall pay Ramot the development milestone payments set forth below for the first
Product that the relevant milestone is achieved by the Company, its Affiliate or a Sublicensee (the &ldquo;<B>Milestone Payments</B>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> a Phase II Trial of a Product.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> a Pivotal Clinical Trial of a
                                         Product.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> by the FDA of an NDA (or equivalent
                                         application) with respect to a Product.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> first regulatory or marketing
                                         approval for a Product in the U.S., the E.U. or any of France, Germany or the United
                                         Kingdom (whichever occurs first).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(e)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(f)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(g)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
such Milestone Payments shall be payable only with respect to the first Product developed pursuant to this Agreement, and in no
event shall be payable more than once.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the occurrence of any milestone entitles Ramot to receive Milestone Payment and Sublicense Receipts with respect
to such milestone, then Ramot shall receive the higher of the two but not both payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports; Payments; Records.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1 Regulatory
Approval and First Commercial Sale.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.1
Regulatory Approval.<FONT STYLE="font-weight: normal"> The Company shall notify Ramot in writing immediately upon the receipt
of regulatory approval for a Product, specifying its date, the country in which such regulatory approval was obtained and the
type of Product in respect of which such regulatory approval was obtained.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.1.2 First
Commercial Sale.</B> The Company shall inform Ramot in writing of the date of First Commercial Sale with respect to each Product
in each country, as soon as practicable after the making of each such First Commercial Sale and shall describe such Product.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2.
 Reports and Payments.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2.1 Reports
on Net Sales. </B>Within thirty (30) days after the conclusion of each Calendar Quarter commencing with the first Calendar Quarter
in which Net Sales are generated, the Company shall deliver to Ramot separate reports on Net Sales by the Company and its Affiliates
on the one hand, and Sublicensees other than Affiliates, on the other hand, containing the following information for each Invoicing
Entity:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)
</B> the number of units of Products sold by the Company and each of its Affiliates and Sublicensees for the applicable Calendar
Quarter, separately itemized according to the Product, the Invoicing Entity and country of sale;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B> the
gross amount invoiced for Products sold by the Company and its Affiliates and Sublicensees during the applicable Calendar Quarter,
separately itemized according to the Product, the Invoicing Entity and indicating the currency of payment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B> a
calculation of Net Sales of the Company and its Affiliates and Sublicensees for the applicable Calendar Quarter, separately itemized
according to the Product, the Invoicing Entity, and including an itemized listing of applicable deductions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B> the
total royalty payable to Ramot in accordance with Section 7.1 on Net Sales of the Company and its Affiliates for the applicable
Calendar Quarter, together with the exchange rates used for conversion. If no amounts are due to Ramot for Net Sales by the Company
and its Affiliates and Sublicensees in any Calendar Quarter, the report shall so state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2.2
Other Reports</B>.<B> </B>In addition to the reports delivered pursuant to Section 8.2.1, the Company shall notify Ramot in writing
within seven (7) days of the occurrence of any of the following events:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receipt
                                         of any Sublicense Receipts; such notice shall include an explanation for the basis of
                                         such Sublicense Receipts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         achievement of any of the Development Milestones set forth in <B><U>Exhibit B</U></B>
                                         or any of the milestones set forth in Section 7.3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         filing of any patent applications claiming the Products (or any part thereof), other
                                         than Ramot Patents and Joint Patents.<I> </I>The Company shall provide Ramot with a copy
                                         of such patent application only once it has been published.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         occurrence of any of the events specified in Section 13.3.3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2.3. Payment
of Royalty for Net Sales by the Company and its Affiliates.</B> Within 30 days of the end of each Calendar Quarter, the Company
shall remit to Ramot all royalties due pursuant to Section 7.1 for the applicable Calendar Quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2.4.
Payment for Sublicense Receipts and Milestone Payments. </B>The Company shall remit to Ramot all amounts due (i) with respect
to Sublicense Receipts within thirty (30) days of the receipt of such Sublicense Receipts by the Company or its Affiliates; and
(ii) with respect to Development Payments within 30 days of the achievement of each of the milestones specified in Section 7.3
above. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.3.
 Payment Currency. </B>All payments due under this Agreement shall be payable in United States dollars, except in the event
of Net Sales and Sublicense Receipts which are invoiced or billed in New Israel Shekels, British pounds sterling, or in Euro,
with respect to which payments to Ramot will be made in New Israel Shekels, British pounds sterling, or in Euro as the case may
be. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported
in the <U>Wall Street Journal</U>) on the last working day of the applicable Calendar Quarter. Such payments shall be without
deduction of exchange, collection, or other charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.4.
 Records.</B> The Company shall maintain, and shall cause its Affiliates (that make, use, offer to sell, sell or import Products)
and Sublicensees to maintain, complete and accurate records of Products that are made, used, marketed, offered for sale or sold
under this Agreement, any amounts payable to Ramot in relation to such Products and all Sublicense Receipts received by the Company
and its Affiliates, which records shall contain sufficient information to permit Ramot to confirm the accuracy of any reports
or notifications delivered to Ramot under Section 8.2. The relevant party shall retain such records relating to a given Calendar
Quarter for at least seven (7) years, during which time Ramot shall have the right, at its expense, to cause an independent, certified
public accountant to inspect and audit such records at a single location, during normal business hours for the sole purpose of
verifying any reports and payments delivered under this Agreement. Such accountant shall not disclose to Ramot any information
other than information relating to the accuracy of reports and payments delivered under this Agreement. The parties shall reconcile
any underpayment or overpayment within thirty (30) days after the accountant delivers the results of the audit. In the event that
any audit performed under this Section 8.4 reveals an underpayment in excess of five percent (5%) in any Calendar Year, the audited
party shall bear the full cost of such audit. Ramot may exercise its rights under this Section 8.4 only once every year per audited
party and only with reasonable prior notice to the audited party. To the extent required the Company shall use its best commercial
efforts to enforce its rights hereunder. Notwithstanding the above, to the extent that following the exercise of best commercial
efforts the Company fails to obtain records from Sublicensee or otherwise enforce its rights hereunder it shall not be deemed
in breach of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.5.
 Audited Report. </B>The Company shall furnish Ramot, and shall use its best commercial efforts to cause its Affiliates (who
make, use, market, offer for sale or sell Products) and Sublicensees to furnish Ramot, within ninety (90) days after the end of
each Calendar Year, commencing at the end of the Calendar Year of the First Commercial Sale, with a report, certified by an independent
certified public accountant, relating to royalties and other payments due to Ramot pursuant to this Agreement in respect to the
previous Calendar Year and containing the same details as those specified in Section 8.2 above in respect to the previous Calendar
Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.6. Late
Payments.</B> Any payments to be made under this Agreement that are not paid on or before the date such payments are due under
this Agreement and within 14 days of receipt of a written notice of default by the Company, shall bear interest as of such date
at an annual interest, compounded monthly, equal to (i) with respect to payment in New Israel Shekels <B>[THE CONFIDENTIAL PORTION
HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, and
(ii) with respect to payments in any other currency - <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> above the London Interbank Offer Rate (LIBOR) as
determined for each month on the last business day of that month, assessed from the day payment was initially due<B> </B>until
the date of payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.7. Payment
Method. </B>Each payment due to Ramot under this Agreement shall be paid by wire transfer of funds to Ramot&rsquo;s account in
accordance with written instructions provided by Ramot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.8.
 VAT; Withholding and Similar Taxes.</B> All amounts to be paid to Ramot pursuant to this Agreement are exclusive of Value
Added Tax. The Company shall add value added tax, as required by law, to all such amounts. If applicable laws require that taxes
be withheld from any amounts due to Ramot under this Agreement, the Company shall (a) deduct these taxes from the remittable amount,
(b) pay the taxes to the proper taxing authority, and (c) promptly deliver to Ramot a statement including the amount of tax withheld
and justification therefore, and such other information as may be necessary for tax credit purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential
Information</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1 Confidentiality.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1.1.
Ramot Confidential Information</B>. The Company agrees that, without the prior written consent of Ramot for the longer of: (a)
the term of this Agreement; and (b) a period of seven (7) years from date of disclosure, it will keep confidential, and not disclose
or use Ramot Confidential Information (as defined below) other than for the purposes of this Agreement. The Company shall treat
such Ramot Confidential Information with the same degree of confidentiality as it keeps its own confidential information, but
in all events no less than a reasonable degree of confidentiality. The Company may disclose Ramot Confidential Information as
required in order to enable the Company to exploit and exercise its rights or fulfill its obligations under this Agreement and
provided that the recipient is legally bound by agreements which impose confidentiality and non-use obligations comparable to
those set forth in this Agreement as customary in the industry.<B> </B>For purposes of this Agreement, &ldquo;<B>Ramot Confidential
Information</B>&rdquo; means any scientific, technical, trade or business information relating to the subject matter of this Agreement
designated as confidential or which otherwise should reasonably be construed under the circumstances as being confidential disclosed
by or on behalf of Ramot, TAU or any of their employees, researchers or students to the Company, whether in oral, written, graphic
or machine-readable form, except to the extent such information: (i) was known to the Company at the time it was disclosed, other
than by previous disclosure by or on behalf of Ramot, TAU or any of their employees, researchers or students, as evidenced by
the Company&rsquo;s written records at the time of disclosure; (ii) is at the time of disclosure or later becomes publicly known
under circumstances involving no breach of this Agreement; (iii) is lawfully and in good faith made available to the Company by
a third party who is not subject to obligations of confidentiality to Ramot, or TAU with respect to such information; or (iv)
is independently developed by the Company without the use of or reference to Ramot Confidential Information, as demonstrated by
documentary evidence. For the avoidance of doubt Ramot Confidential Information shall also include the Ramot Technology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1.2.
The Company Confidential Information. </B>Ramot agrees that, without the prior written consent of the Company for the longer of:
(a) the term of this Agreement; and (b) a period of seven (7) years from date of disclosure, it will keep confidential, and not
disclose or use the Company Confidential Information (as defined below) other than for the purposes of this Agreement. Ramot shall
treat the Company Confidential Information with the same degree of confidentiality as it keeps its own confidential information,
but in all events no less than a reasonable degree of confidentiality. Ramot may disclose the Company Confidential Information
only to employees and consultants of Ramot or of its Affiliates who have a &ldquo;need to know&rdquo; such information in order
to enable Ramot to exercise its rights or fulfill its obligations under this Agreement and are legally bound by agreements which
impose confidentiality and non-use obligations comparable to those set forth in this Agreement.<B> </B>For purposes of this Agreement,
&ldquo;<B>Company Confidential Information</B>&rdquo; means any scientific, technical, trade or business information relating
to the subject matter of this Agreement designated as confidential or which otherwise should reasonably be construed under the
circumstances as being confidential that is disclosed to Ramot by or on behalf of the Company in writing pursuant to Sections
6, 8.2 or 8.5 of this Agreement, except to the extent such information: (i) was known to Ramot or TAU at the time it was disclosed,
other than by previous disclosure by or on behalf of the Company as evidenced by Ramot or TAU written records at the time of disclosure;
(ii) is at the time of disclosure or later becomes publicly known under circumstances involving no breach of this Agreement; (iii)
is lawfully and in good faith made available to Ramot or TAU by a third party who is not subject to obligations of confidentiality
to the Company with respect to such information; or (iv) is independently developed by Ramot or TAU without the use of or reference
to the Company Confidential Information, as demonstrated by documentary evidence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramot
further acknowledges and understands that the Company is a public company traded on the Tel-Aviv Stock Exchange, and accordingly,
the Company Confidential Information may be considered as &quot;inside information&quot; pursuant to Israeli securities laws and
regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1.3. Disclosure
of Agreement</B>. Each party may disclose the terms of this Agreement to the extent required, in the reasonable opinion of such
party&rsquo;s legal counsel, to comply with applicable laws. Notwithstanding the foregoing, before disclosing this Agreement or
any of the terms hereof pursuant to this Section&nbsp;9.1.3, the parties will consult one another on the terms of this Agreement
to be redacted in making any such disclosure. If a party discloses this Agreement or any of the terms hereof in accordance with
this Section&nbsp;9.1.3, such party agrees, at its own expense, to seek confidential treatment of portions of this Agreement or
such terms, as may be reasonably requested by the other party. Ramot may disclose the terms of this Agreement to the members of
the TAU Team and/or other researchers at TAU who were previously involved in the development of the Ramot Technology, and to their
respective legal or financial advisers under terms of a written confidentiality agreement substantially similar to the terms of
Section 9.1.2 above.<B> </B>The Company may disclose this Agreement to its shareholders and Affiliates and in connection with
a due diligence process, in all events under confidentiality undertakings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1.4. Publicity.
</B>Each Party shall be entitled to display on its website the company logo of the other Party and a link to the other Party's
website, as well as information about the other Party's activities disclosed on such other Party's website. Except as expressly
permitted under Section 9.1.3 and this Section 9.1.4, neither Party will make any public announcement regarding this Agreement
without the prior written approval of the other Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.2. Academic
Publications.</B> The Principal Investigator and other members of the TAU Team shall have the right to publish the Ramot Technology
and Joint Technology in scientific publications or to present such results at scientific symposia, provided that the following
procedure is followed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> 9.2.1.
</B>No later than thirty (30) days prior to submission for publication of any scientific articles, abstracts or papers concerning
the Ramot Technology or Joint Technology and prior to the presentation of the same at any scientific symposia, the Principal Investigator
shall send the Company a written copy of the material to be so submitted or presented, and shall allow the Company to review such
submission to determine whether the publication or presentation contains subject matter for which patent protection should be
sought.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> 9.2.2.
</B>The Company shall provide its written comments with respect to such publication or presentation within thirty (30) days following
its receipt of such written material. If the Company does not provide written comments within the thirty (30) days set forth above,
it shall be deemed to have approved such proposed publication or presentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> 9.2.3.
</B>If the Company, in its written comments, identifies material for which patent protection should be sought, then the Principal
Investigator shall delay the submission of such publication or presentation for a further period of up to sixty (60) days from
the receipt of such written comments to enable Ramot to make the necessary patent filings in accordance with Section 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.2.4.
</B>If the Company, in its written comments, identifies Company Confidential Information in the material to be published, such
Company Confidential Information shall be removed prior to publication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.2.5
</B>After compliance with the foregoing procedures with respect to an academic, scientific or medical publication and/or public
presentation, the Principal Investigator shall not have to resubmit any such information for re-approval should it be republished
or publicly disclosed in another form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement of Patent Rights. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.1. Notice.
</B>In the event either Party becomes aware of any possible or actual infringement or unauthorized possession, knowledge or use
of the Ramot Patents or Joint Patents with respect to Products (collectively, an &ldquo;<B>Infringement</B>&rdquo;), that party
shall promptly notify the other party and provide it with details regarding such Infringement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.2. Suit
by the Company. </B>The Company shall have the first right, but not the obligation, to take action in the prosecution, prevention,
or termination of any Infringement. Should the Company elect to bring suit against an infringer and Ramot is joined as party plaintiff
in any such suit, Ramot shall have the right to approve the counsel selected by the Company to represent the parties, such approval
not to be unreasonably withheld. The expenses of such suit or suits that the Company elects to bring, including any expenses of
Ramot incurred in conjunction with the prosecution of such suits or the settlement thereof, shall be paid for entirely by the
Company and the Company shall hold Ramot free, clear and harmless from and against any and all costs of such litigation, including
attorney&rsquo;s fees. The Company shall not compromise or settle such litigation without the prior written consent of Ramot,
which consent shall not be unreasonably withheld or delayed. In the event the Company exercises its right to sue pursuant to this
Section 10.2, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all out of pocket
costs and expenses of every kind and character, including reasonable attorney&rsquo;s fees, necessarily involved in the prosecution
of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Ramot shall receive an amount
equal to <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> of such funds and the remaining <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of such funds shall be retained
by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.3. Suit
by Ramot. </B>If the Company does not take action in the prosecution, prevention, or termination of any Infringement pursuant
to Section 10.2 above, and has not commenced negotiations with the infringer for the discontinuance of said Infringement, within
ninety (90) days after receipt of notice to the Company by Ramot of the existence of an Infringement, Ramot may elect to do so.
Should Ramot elect to bring suit against an infringer and the Company is joined as party plaintiff in any such suit, the Company
shall have the right to approve the counsel selected by Ramot to represent the Parties, such approval not to be unreasonably withheld.
The expenses of such suit or suits that Ramot elects to bring shall be paid for entirely by Ramot, other than the expenses of
the Company incurred in conjunction with the prosecution of such suits or the settlement thereof, which shall be paid for entirely
by the Company. In the event Ramot exercises its right to sue pursuant to this Section 10.3, any sums recovered in such suit or
in settlement thereof shall be retained by Ramot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.4. Own
Counsel. </B>Each party shall always have the right to be represented by counsel of its own selection and at its own expense in
any suit instituted under this Section 10 by the other party for Infringement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.5. Cooperation.
</B>Each party agrees to cooperate fully in any action under this Section 10 which is controlled by the other party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.6. Standing.
</B>If a party lacks standing and the other party has standing to bring any such suit, action or proceeding, then such other party
shall do so at the request of and at the expense of the requesting party. If either party determines that it is necessary or desirable
for another party to join any such suit, action or proceeding, the other party shall execute all papers and perform such other
acts as may be reasonably required in the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation;
Warranties; Limitation of Liability; Disclaimer</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.1 Warranty
of the Company.</B> The Company warrants that it will comply with, and shall ensure that the agreement with its Affiliates and
Sublicensees shall include an undertaking of any of the foregoing to comply with, all local, state, and national laws and regulations
relating to the development, manufacture, use, and sale of Products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.2 Representations
and Warranties by Ramot</B>. Ramot hereby represents and warrants as follows: (i) This Agreement has been duly authorized by all
necessary corporate action of Ramot and is a valid and binding obligation of Ramot enforceable against it in accordance with its
terms. (ii) To the knowledge of Ramot, at the Effective Date, neither Ramot, nor any other person then acting on its behalf has
licensed or granted any rights which contradict those set forth in this Agreement to any person, or agreed to license to any person,
the Ramot Technology. (iii) To the knowledge of Ramot, at the Effective Date, no action or proceeding relating to the Ramot Technology
is underway or has been threatened in writing against Ramot or the TAU before any court, arbitration board or tribunal or administrative
or other governmental agency. (iv) by operation of law or under the terms of their employment or other relationships with TAU
or Ramot, and according to agreement between TAU and Ramot, all rights, title and interest in and to the Ramot Patent Rights,
vesting in the TAU inventors, are owned by Ramot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> 11.3. Disclaimer.
</B>SUBJECT TO SECTION 11.2, RAMOT MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
WITH RESPECT TO THE RAMOT TECHNOLOGY OR JOINT TECHNOLOGY OR OTHER SUBJECT MATTER OF THIS AGREEMENT. AMONG OTHER THINGS, RAMOT
DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AS TO THE NOVELTY OR THE COMMERCIAL VALUE OF THE RAMOT TECHNOLOGY OR JOINT TECHNOLOGY (OR ANY PART
THEREOF);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AS TO THE VALIDITY OR SCOPE OF THE RAMOT PATENTS OR JOINT PATENTS;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THAT THE RAMOT TECHNOLOGY OR JOINT TECHNOLOGY MAY BE EXPLOITED OR USED WITHOUT INFRINGING OTHER PATENTS OR INTELLECTUAL PROPERTY
RIGHTS OF THIRD PARTIES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.4. Limitation
of Liability. </B>Neither party shall be liable to the other party with respect to any subject matter of this Agreement under
any contract, negligence, strict liability or other legal or equitable theory for (i) any indirect, incidental, consequential
or punitive damages or lost profits or (ii) cost of procurement of substitute goods, technology or services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Liability; Indemnification.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.1. No
Liability. </B>Ramot, TAU, the Principal Investigator, the other members of the TAU team, their affiliates and their respective
directors, officers, employees, and agents and their respective successors, heirs and assigns (the &ldquo;<B>Ramot Indemnitees</B>&rdquo;)
shall not be liable for the practice or use of any of the Ramot Technology or Joint Technology (or any part thereof) by the Company,
its Affiliates or any of their Sublicensees, or with respect to any product, process, or service that is made, used, or sold pursuant
to any right or license granted by Ramot to the Company under this Agreement. The foregoing shall not apply to liability arising
out of breach of Section 11.2 of this Agreement or fraud or intentional misconduct, provided that in any event, Ramot's total
liability under this Agreement shall not exceed the sums received by Ramot from the Company plus the sums payable to Ramot from
the Company under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.2 Indemnity.
</B>The Company shall indemnify, defend, and hold harmless the Ramot Indemnitees against any liability, damage, loss, or expense
(including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon any of the Ramot Indemnitees in connection
with any third party claims, suits, actions, demands or judgments (&ldquo;<B>Claims</B>&rdquo;) under any theory of liability
(including without limitation actions in the form of tort, warranty, or strict liability) resulting from or arising out of the
practice or use of any of the Ramot Technology or Joint Technology (or any part thereof) by the Company, its Affiliates or any
of their Sublicensees, or concerning any product, process, or service that is made, used, or sold pursuant to any right or license
granted by Ramot to the Company under this Agreement, other than in the event of a Claim resulting from or arising out of a breach
of the representations and warranties by Ramot under this Agreement by Ramot or any fraud or intentional misconduct by any of
the Ramot Indemnitees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.3 Procedures.
</B>If any Ramot Indemnitee receives notice of any Claim, such Ramot Indemnitee shall, as promptly as is reasonably possible,
give the Company notice of such Claim; provided, however, that failure to give such notice promptly shall only relieve the Company
of any indemnification obligation it may have hereunder to the extent such failure diminishes the ability of the Company to respond
to or to defend the Ramot Indemnitee against such Claim. Ramot and the Company shall consult and cooperate with each other regarding
the response to and the defense of any such Claim and the Company shall, upon its acknowledgment in writing of its obligation
to indemnify the Ramot Indemnitee, be entitled to and shall assume the sole defense or represent the interests of the Ramot Indemnitee
in respect of such Claim, that shall include the right to select and direct legal counsel and other consultants to appear in proceedings
on behalf of the Ramot Indemnitee and to propose, accept or reject offers of settlement, all at its sole cost; provided, however,
that no such settlement shall be made without the written consent of the Ramot Indemnitee, such consent not to be unreasonably
withheld. Nothing herein shall prevent the Ramot Indemnitee from retaining its own counsel and participating in its own defense
at its own cost and expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.4. Insurance.
</B>The Company shall maintain insurance from a reputable insurance company that is reasonably adequate to fulfill any potential
obligation to the Ramot Indemnitees under this Section 12, taking into consideration, among other things, the nature of the products
or services commercialized. Ramot and TAU shall be added as co-insured parties under such insurance policy. The Company hereby
undertakes to comply punctually with all obligations imposed upon it under such policy(ies), including without limitation the
obligation to pay in full and punctually all premiums and other payments due under such policy(ies). The Company shall provide
Ramot, upon request, with written evidence of such insurance. The Company shall continue to maintain such insurance after the
expiration or termination of this Agreement during any period in which the Company or any Sublicensee continues to make, use,
or sell Products, and thereafter for a period of seven (7) years.<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term
and Termination.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.1.
</B> <B>Term. </B>The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided
in this Section 13, shall continue in full force and effect until the expiration of all payment obligations of the Company pursuant
to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.2. Effect
of Expiration. </B>Following the expiration of this Agreement pursuant to Section 13.1 (and provided the Agreement has not been
earlier terminated pursuant to Section 13.3, in which case Section 13.4 shall apply), (a) the Company shall have a fully-paid
up, nonexclusive, worldwide license (with the right to grant sublicenses) under the Ramot Technology and Joint Technology to make,
use, offer to sell, sell, and import, export, otherwise transfer physical possession of or otherwise transfer title to Products;
and, (b) Ramot shall be free to use the Ramot Technology and the Joint Technology to make, use, offer to sell, sell, and import,
otherwise transfer physical possession of or otherwise transfer title to Products and to grant others licenses to do the same,
without accounting to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3. Termination.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3.1. Termination
Without Cause.</B> The Company may terminate this Agreement for any reason upon sixty (60) days prior written notice to Ramot,
<I>provided however,</I> that, subject to Section 2.1.2, the Company may not terminate its obligation to fund the Research Notwithstanding
the above, the obligation to continue and fund the Research shall terminate in the event that both Parties reach the conclusion
that the Research Results are not scientifically viable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3.2. Termination
for Default. </B>Without derogating from Ramot&rsquo;s right to terminate this Agreement under Section 6.5, in the event that
either party commits a material breach of its obligations under this Agreement and fails to cure that breach within sixty (60)
days after receiving written notice thereof, the other party may terminate this Agreement immediately upon written notice to the
party in breach. For the avoidance of doubt, it is expressly agreed that breach of a payment obligation under the Agreement by
the Company shall be deemed to be a material breach of this Agreement and subject to the foregoing provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3.3. Bankruptcy.
</B>Ramot may terminate this Agreement upon notice to the Company in the event of the granting of a winding-up order in respect
of the Company, or upon an order being granted against the Company for the appointment of a receiver, or if the Company passes
a resolution for its voluntary winding-up, or if a temporary or permanent liquidator or receiver is appointed in respect of the
Company, or if a temporary or permanent attachment order is granted on the Company's assets, or a substantial portion thereof,
or if the Company shall seek protection under any laws or regulations, the effect of which is to suspend or impair the rights
of any or all of its creditors, or to impose a moratorium on such creditors, or if anything analogous to any of the aforegoing
in this section 13.3.3 under the laws of any jurisdiction occurs in respect of the Company; provided that in the case that any
such order or act is initiated by any third party, the right of termination shall apply only if such order or act as aforesaid
is not cancelled within 90 (ninety) days of the grant of such order or the performance of such act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3.4.
Termination by Ramot upon Challenge to Validity of Patents. </B>In addition to the above, Ramot shall be entitled to terminate
this Agreement with five (5) business days prior notice to the Company in the event that the Company or its Affiliate brings a
Patent Challenge against Ramot. In the event that a Patent Challenge is brought against Ramot by a Sublicensee, Ramot shall be
entitled to require that the Company terminate the Sublicense with such Sublicensee within twenty (20) business days after receipt
of written notice from Ramot. In the event that the Company does not terminate the Sublicense within twenty (20) business days
of Ramot's written request, Ramot shall be entitled to terminate this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4. Effect
of Termination. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4.1. Termination
of Rights. </B>Upon termination by the Company pursuant to Sections 13.3.1, 13.3.2 hereof or by Ramot pursuant to Sections 6.5,
13.3.2, 13.3.3 or 13.3.4 hereof: (a) the rights and licenses granted to the Company under Section 5 shall terminate; (b) all rights
in and to the Ramot Technology and Ramot's rights in the Joint Technology shall revert to Ramot, and the Company and its Sublicensees
shall not be entitled to make any further use whatsoever of or practice the Ramot Technology and the Joint Technology, nor shall
the Company or its Sublicensees develop, make, have made, use, offer to sell, sell, have sold, import, export, otherwise transfer
physical possession of or otherwise transfer title to Products; and (c) any existing Sublicense shall terminate, all subject to
Section 4.2.2.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4.2. Accruing
Obligations. </B>Termination of this Agreement shall not relieve the parties of obligations occurring prior to such termination,
including obligations to pay amounts accruing hereunder up to the date of termination. Without limiting the generality of the
foregoing, the Company shall be obligated to pay all patent related expenses with respect to patent activities occurred prior
to the termination date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4.3. Transfer
of Regulatory Filings and Know How. </B>In the event the Company terminates this Agreement pursuant to Section 13.3.1 or Ramot
terminates this Agreement pursuant to Section 6.5, 13.3.2, 13.3.3 or 13.3.4, the Company shall assign and transfer to Ramot: (i)
all documents and other materials filed by or on behalf of the Company, its Affiliates and its Sublicensees with regulatory agencies
in furtherance of applications for regulatory approval in the relevant country with respect to Products; and (ii) all intellectual
property, Know-how, inventions, conceptions, compositions, materials, methods, processes, data, information, records, results,
studies and analyses, discovered or acquired by, or on behalf of the Company its Affiliates and its Sublicensees which relate
directly to actual or potential Products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4.4.
Assignment of the Company's rights in the Joint Technology. </B>In the event the Company terminates this Agreement (in whole or
in part) pursuant to Section 13.3.1 or Ramot terminates this Agreement pursuant to Section 6.5, 13.3.2, 13.3.3 or 13.3.4, the
Company shall take all action reasonably necessary, including, without limitation, the execution of any document, to assign to
Ramot all of its interest in the Joint Technology.<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4.5 In
the event that Ramot commercializes any of the rights assigned pursuant to Section 13.4.3 and 13.4,4 (&quot;<B>Assigned Company
IP</B>&quot;), through a license or otherwise, Ramot shall pay the Company a royalty equal to <B>[THE CONFIDENTIAL PORTION HAS
BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of Net
Ramot Receipts as defined below up to a maximum amount equal to <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of the costs actually incurred by the
Company in the performance of the Commercialization and Development Plan as documented in the Company's formal records. Such royalty
shall be paid by Ramot on a quarterly basis, within thirty days of the end of the calendar quarter in which the Net Ramot Receipts
were received. For purposes of this Section 12.4.5, the following terms shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">(a)
 &ldquo;Net Ramot</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none"> <FONT STYLE="font-weight: normal">Receipts&rdquo;
shall mean Ramot Receipts less Ramot Expenses;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">(b)
&ldquo;Ramot Receipts&rdquo; shall mean all amounts in cash and other consideration actually received by Ramot from the grant
of a license under the Assigned Company IP, provided that in the event that Ramot receive non-monetary consideration in connection
with a license, or in the case of transactions not at arm&rsquo;s length, Ramot Receipts shall be calculated based on the fair
market value of such consideration or transaction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&ldquo;Ramot Expenses&rdquo; shall mean (i) all out-of-pocket expenses and professional fees, including legal fees, patent agent
fees and fees paid to other experts, incurred by Ramot in connection with: (a) the filing, prosecution, maintenance or enforcement
of any patent application or patent covering or included in the Assigned Company IP; (b) the preparation, negotiation, execution
and/or enforcement of any license agreement relating to Assigned Company IP<FONT STYLE="text-transform: uppercase"><B> </B></FONT>and
(ii) payments actually incurred by Ramot (including customary overhead) in accordance with detailed budgets and research workplans
included in, sponsored research or research and license agreements relating to the Assigned Company IP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7 of this Agreement shall apply mutatis mutandis in connection with payments made under this Section 12.4.3 and shall survive
the termination hereof by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 112.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.5. Survival.
</B>The parties&rsquo; respective rights, obligations and duties under Sections 3 (Title), 8.3 (Payment Currency), 8.4 (Records),
8.5 (Audited Report), 8.6 (Late Payments), 8.7 (Payment Methods), 8.8 (VAT; Withholding and Similar Taxes), 9 (Confidential Information),
11 (Representation; Warranties; Disclaimer), 12 (No Liability; Indemnification), 13.2 (Effect of Expiration), 13.4 (Effect of
Termination), 14.2 (Publicity Restrictions), 14.3 (Notices) and 14.4 (Governing Law and Jurisdiction), as well as any rights,
obligations and duties which by their nature extend beyond the expiration or termination of this Agreement, shall survive any
expiration or termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.1.</B> <B>Entire
Agreement. </B>This Agreement is the sole agreement with respect to the subject matter hereof and except as expressly set forth
herein, supersedes all other agreements and understandings between the parties with respect to the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.2. Publicity
Restrictions.</B> Subject to Section 9.1.3, the Company and its Sublicensees shall not use the name or logo of Ramot, TAU or any
of their trustees, officers, faculty, researchers, students, employees, or agents, or any adaptation of such names, in any promotional
material or other public announcement or disclosure relating to the subject matter of this Agreement without the prior written
consent of Ramot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.3. Notices.
</B>Unless otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing and may be
delivered personally, or may be sent by facsimile or certified mail, return receipt requested, to the following addresses, unless
the parties are subsequently notified of any change of address in accordance with this Section 14.3:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    to the Company:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    to Ramot:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramot
        at Tel Aviv University Ltd.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
        Box 39296</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
        Aviv 6139001</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
        CEO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
        972-3-640-6675</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice shall be deemed to have been received as follows: (i) by personal delivery, upon receipt; (ii) by facsimile, one business
day after transmission or dispatch; (iii) by airmail, seven (7) business days after delivery to the postal authorities by the
party giving notice. If notice is sent by facsimile, a confirming copy of the same shall be sent by mail to the same address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.4. Governing
Law and Jurisdiction. </B>This Agreement shall be governed by and construed in accordance with the laws of Israel, without regard
to the application of principles of conflicts of law, except for matters of patent law, which, other than for matters of inventorship
on patents, shall be governed by the patent laws of the relevant country of the patent. The parties hereby consent to personal
jurisdiction in Israel and agree that the competent court in Tel Aviv, Israel shall have sole jurisdiction over any and all matters
arising from this Agreement, except that Ramot may bring suit against the Company in any other jurisdiction outside Israel in
which the Company has assets or a place of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.5. Binding
Effect. </B>This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives,
successors and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.6. Headings.
</B>Section and subsection headings are inserted for convenience of reference only and do not form a part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.7. Counterparts.
</B>This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.8. Amendment;
Waiver. </B>This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written
instrument executed by each party or, in the case of waiver, by the party waiving compliance. The delay or failure of any party
at any time or times to require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce
the same. No waiver by either party of any condition or of the breach of any term contained in this Agreement, whether by conduct,
or otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver of any such
condition or of the breach of such term or any other term of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.9. No
Agency or Partnership. </B> Nothing contained in this Agreement shall give any party the right to bind another, or be deemed
to constitute either party as agents for each other or as partners with each other or any third party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.10. Assignment
and Successors. </B>The Company will not be entitled to assign or encumber all or any of its rights or obligations under this
Agreement to any other entity without the prior written consent of Ramot. Notwithstanding the foregoing, (<B>1</B>) the Company
shall be entitled to assign as a whole its entire rights and obligations under this Agreement to a successor entity in a merger
or acquisition transaction, provided that (i) the assignee undertakes in writing to assume and perform all of the Company's obligations
under this Agreement, and (ii) Ramot shall not, as a result of such assignment, be subject to any additional financial or legal
obligation that would not have applied to Ramot but for such assignment, including without limitation, any additional tax, impost,
fee or deduction on payments made to Ramot pursuant to this Agreement; and (<B>2</B>) the Company shall be entitled to assign
all of its rights and obligations under this Agreement to an Affiliate, including Brain Bright Ltd., a wholly owned subsidiary
of the Company, provided however, that in the event of such assignment, the Affiliate or Brain Bright Ltd., as applicable, will
agree in writing to be bound by the terms of this Agreement as an original party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.11. Force
Majeure. </B>Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party, including
without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable
efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch
whenever such causes are removed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.12. Interpretation.
</B>The parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the terms and provisions
of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that any ambiguities are resolved
against the drafting party shall not be employed in the interpretation of this Agreement; and (iii) the terms and provisions of
this Agreement shall be construed fairly as to both parties hereto and not in favor of or against either party, regardless of
which party was generally responsible for the preparation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.13. Severability.
</B>If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is
deemed unenforceable, it is the intention of the parties that the remainder of this Agreement shall not be affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.14</B> <B>Further
Assurances</B>. Ramot shall for no additional consideration or payment perform such further acts and execute such further documents
as may reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the
parties as reflected thereby, including without limitation, the execution of any forms or letters to any patent office in order
to register Company's rights hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B> the parties have caused this Agreement to be executed by their duly authorized representatives as of the
date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramot
    at Tel-Aviv University</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
    BioSciences Ltd.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%">&nbsp;</TD></tr>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></td>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Shlomo Nimrodi</FONT></td>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></td>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid">Shlomo Nimrodi</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid">CEO<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Keren Primor Cohen&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid">Keren Primor Cohen</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid">VP General Counsel</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
acknowledge and agree to the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
</FONT>Yasef Sane</td>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Investigator</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
A - Development and Commercialization Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B><BR CLEAR="ALL"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit B - Development milestones</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entering
Phase 1 - <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> Effective Date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entering
Phase 2 - <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> Phase 1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entering
Phase 3 - <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> Phase 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
C &ndash; Ramot Know How</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
WITH THE COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
WITH THE COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
WITH THE COMMISSION]</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
WITH THE COMMISSION]</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
D &ndash; Ramot Patents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ramot
    Ref</B></FONT></td>
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></td>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inventors</B></FONT></td>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Country</B></FONT></td>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
    Date</B></FONT></td>
    <TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
    No. </B></FONT></td>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Status</B></FONT></td>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Continuity
    </B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="8" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="8" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="8" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
E &ndash; Research Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
F - payment schedule</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> - upon commencement of <B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>following the effective date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> - upon commencement of <B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>following the effective date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> - upon commencement of the <B>[THE
                                         CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
                                         AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> following the effective date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>filename5.htm
<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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>**Confidential portions have been omitted
pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;)**</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: left; width: 30%; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Technology</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yissum owns all the rights of Prof. &nbsp;Elka Touitou (the &quot;<B> Researcher</B>&quot;) in the technology comprising &nbsp;Compositions for Nasal Delivery &nbsp;&nbsp;developed by the Researcher at the Hebrew University of Jerusalem (&quot;<B>HUJ</B>&quot;), relating to the Field (as defined below) as claimed in the patent applications and patents (collectively, the &ldquo;<B>Patents</B>&rdquo;) listed in Appendix A attached to this Term Sheet (the &ldquo;<B>Technology</B>&rdquo;). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of License</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If and when a definitive license agreement is executed by Licensor (&ldquo;<B>License Agreement</B>&rdquo;), under such License Agreement Licensor shall grant Therapix Ltd. (&ldquo;<B>Company</B>&rdquo;) an exclusive, world-wide license for the Technology in the field of nasal delivery of cannabinoids only (&ldquo;<B>Field</B>&rdquo;). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Territories</FONT></TD>
    <TD STYLE="text-align: center; padding: 0pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Worldwide</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Shop Obligation Period and Evaluation</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Commencing as of
the date hereof and until the termination date of the Notice Period and any Negotiations Period (as such terms are defined below),
the later of the two, (&ldquo;<B>No Shop Period</B>&rdquo;), Licensor shall not negotiate with any third parties for the grant
of any rights to the Technology in the Field, and during the No Shop Period Licensor shall not grant any rights to the Technology
in the Field to any third parties. During the No-Shop Period the Company, at its sole responsibility and cost, shall conduct whatever
evaluation and diligence it believes is needed in order to decide if a license to the Technology is desired. Yissum has no liability,
and does not provide any undertakings or representations, regarding any particular value or use of the Technology or any patentability,
freedom to operate or infringement matters, and the Company, on its own or via third parties, shall be solely responsible for
conducting the evaluation and diligence as in its sole discretion it sees fit.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negotiations Period</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No later than at the end of the period of 60 (sixty) days from the Effective Date (&ldquo;<B>Notice Period</B>&rdquo;), the Company shall notify Licensor in writing whether or not if it desires to negotiate a License Agreement with Yissum (&ldquo;<B>Notice</B>&rdquo;).&nbsp;&nbsp;If Company&rsquo;s Notice states that Company desires to negotiate a License Agreement, then subject to the terms set out in this Term Sheet, Company and Yissum shall negotiate in good faith the terms of the License Agreement for a period of up to 60 days or any mutually agreed extension thereto (&ldquo;<B>Negotiations Period</B>&rdquo;).&nbsp;&nbsp;At the end of the No-Shop Period, in the event that a license agreement has not been executed, this Term Sheet shall automatically expire, the Licensor and the Researcher shall have no obligations to the Company regarding the Technology and the Licensor shall be free to license or otherwise exploit the Technology, on its own or via third parties, in its sole discretion as it sees fit. No amounts paid hereunder shall be refundable. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; text-align: justify">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">IP Ownership</P></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify; width: 70%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">As between the parties, Licensor
        shall hold all right, title and interest in and to the Patents (this subject to license rights granted to the Company under any
        license agreement with Yissum). The Company acknowledges and agrees that the Patents have been licensed out by Yissum to a third
        party, and Yissum has terminated such third party license (the &quot;<B>Existing License</B>&quot;) and is not restricted by such
        third party from entering into the License Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Notwithstanding the above, results
        and intellectual property resulting from services that are undertaken for the Company, its affiliates or its sublicensees at and
        through HUJ by the Researcher or any other faculty member, student or employee of HUJ or Yissum in connection with the Technology
        under the License Agreement shall be exclusively owned by Licensor and shall be exclusively licensed to the Company under the exclusive
        license of the License Agreement (if any). Such services shall be provided under separate work orders as may be agreed by the parties
        from time to time.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt; font-size: 10pt; width: 30%; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royalties from sales by &nbsp;the Company, a Company affiliate or a sublicensee</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify; width: 70%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"><B><U>Royalty
Rate.</U></B> <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION]</B> in cumulative sales on a world-wide basis, <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of Net Sales following
such time that cumulative sales on a world-wide basis are over <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> in such sales and <B>[THE CONFIDENTIAL
PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
</B>in such cumulative sales (to be defined in any License Agreement) of a Product by the Company, a Company affiliate or any
sublicensee. &ldquo;<B>Product</B>&rdquo; means any product, system, device, material, method process or service, the development,
manufacture, provision or sale of which, in whole or in part (i) uses, exploits, comprises, incorporates or improves upon the
Technology or the Company&rsquo;s Development Results (to be defined in any License Agreement) or any part thereof or is otherwise
covered thereby, or falls within the scope thereof, in whole or in part, or uses the Technology or the Development Results as
a basis for subsequent modifications; or (ii) but for the Company&rsquo;s license would infringe a Valid Claim (to be defined
in any License Agreement) of a Patent.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0; text-align: justify">&nbsp;<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><B><U>Royalty
                                         Period</U>.</B> The royalty payable to Yissum hereunder shall be paid during a period
                                         which shall continue on a product-by-product and country-by-country basis, for the longer
                                         of: (i) fifteen (15) years from the date of the first commercial sale of such product
                                         in such country, (ii) the date of expiration of any exclusivity on the Product granted
                                         by a regulatory or government body in such country; and (iii) the date of the last to
                                         expire of the Patents in such country (the &quot;Royalty Period&quot;).</P>
                                                                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</P>
                                                                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><B><U>Competition</U>.
                                         </B>In the event that a Product is sold during the Royalty Period, then in the event
                                         of Competition (if any) with respect to such Product in such country, and for so long
                                         as such Competition persists, the royalty amount payable to Yissum for sales of such
                                         Product in such country shall be reduced by <B>[THE CONFIDENTIAL PORTION HAS BEEN SO
                                         OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION]; </B>for purposes of illustration only, if Yissum would be entitled
                                         to receive the royalty amount of<B> [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
                                         TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
                                         </B>if not for any royalty reduction, and if there is Competition, then Yissum will be
                                         entitled to receive the royalty amount of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
                                         PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
                                         COMMISSION]. &ldquo;Competition&rdquo;</B> shall mean, with respect to a Product in a
                                         country, when (a) one or more Competitive Product(s) are being marketed in such country;
                                         and (b) there are no Valid Patent Claims covering such Product or Exclusivity in respect
                                         of such Product, in such country. <B>&ldquo;Competitive Product&rdquo; </B>shall mean
                                         a product (a) containing an active pharmaceutical ingredient that is the same as the
                                         active ingredient in the Product being sold in a country and that utilizes a nasal delivery
                                         system as the system of delivery for such active pharmaceutical ingredient, (b) that
                                         obtained regulatory approval, (c) that is legally marketed in such country by an entity
                                         other than the Company, its Affiliates and/or Sublicensees, and (d) that at the end of
                                         the applicable calendar year of Product sales results in the reduction in volume of sales
                                         of such Product in such country by the Company, its Affiliates and/or Sublicensees, in
                                         comparison to the prior calendar year, by at least <B>[THE CONFIDENTIAL PORTION HAS BEEN
                                         SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION]. </B>In the event of Competition in any particular calendar year
                                         for a particular Product in a particular country, then should there be deductions from
                                         royalty payments that the Company was entitled under the License Agreement to deduct
                                         in such case, but did not deduct due to the need to compare product sales for that calendar
                                         year and the prior calendar year, then such deductions will be rolled over and deducted
                                         from royalty amounts payable during the first quarter of the next calendar year for sales
                                         of such Product in such country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0pt 0pt; text-align: justify; text-indent: 0pt"></P>



</TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt 0pt 0pt 5pt; width: 70%"><P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B><U>Third
                                         party License</U>.</B> In the event that the Company is required to pay, and actually
                                         pays, during the term of the License Agreement royalty payments to third parties for
                                         exploitation of their intellectual property rights, covering Product technology, that
                                         are lawfully required for the sale of the particular Product (<B>&ldquo;Third Party Royalty
                                         Payments&rdquo;</B>), then the Company shall be entitled to take <B>[THE CONFIDENTIAL
                                         PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
                                         BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of such third party royalty payments as
                                         a deduction from the gross sales amount of such Product in such country during the same
                                         period in computing the Net Sales amount for the relevant Product, country and period.
                                         Notwithstanding the foregoing, the Royalty Rate shall not, in any event, be reduced by
                                         more than <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR
                                         CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>for such
                                         Products sold by the Company, its Affiliates and Sublicensees in such country. &nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">All reductions in Royalties combined shall,
in the aggregate, be capped at, and not exceed, <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> of the Royalty Rate.</P>
&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: left; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; text-align: justify">Sublicense Fees on non-sales
        related consideration from the grant of a sublicense or offer to grant a sublicense</P></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt 0pt 0pt 5pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 30%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milestone
Payments</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 70%; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><B>[THE CONFIDENTIAL PORTION
        HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Each Milestone Payment
shall be payable only once.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">In the event that the occurrence
        of any milestone entitles Yissum to receive Milestone Payment and Sublicense Fee with respect to a payment by a sublicensee to
        the Company or its affiliate for reaching such milestone, then Yissum shall receive the higher of the two but not both payments.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
in case of establishing a subsidiary</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;If a Company affiliate will be established (&ldquo;<B>Newco</B>&rdquo;) for exploitation of the Technology, the Company and the Licensor will negotiate in good faith, and include in the License Agreement, an equity allocation for Yissum. &nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value added tax, withholding tax and other taxes (if any) related to the License Agreement consideration shall be borne by the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Expenses</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the effective date of any License Agreement, the Company shall reimburse the Licensor for all past patent related expenses not yet reimbursed hereunder, and shall pay for all ongoing patent expenses (arising in connection with filing, prosecution, maintenance and enforcement of the Patents). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Handling and Control</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the term of any License Agreement, the filing, prosecution and maintenance of the Patents shall be led by Yissum in close coordination and cooperation with the Company through patent counsel selected by Company and reasonably acceptable to Yissum.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Enforcement</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the term of any license agreement, the first right of Patents enforcement for the Field will be with the Company.&nbsp;&nbsp;&nbsp;The Company shall indemnify the Licensor the University, and the Researcher in connection with the enforcement and shall be entitled to join Yissum to any suit if required by law. If the Company does not enforce, Yissum, with the cooperation of the Company, will be entitled to do so.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation of Liability &amp; Indemnification</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">to the extent permitted by applicable
        law, neither Yissum nor the University, nor the Researcher (collectively: &ldquo;<B>Licensors Group</B>&rdquo;), shall have any
        liability whatsoever to the Company or to any of the Company&rsquo;s affiliates and sublicensees, or to their respective distributors,
        customers, agents or representatives, for or on account of, any loss, damage or expense of any kind or nature, in connection with,
        or resulting from, any exploitation or use of the Technology or any Technology related product.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">The Company shall compensate,
        indemnify, defend and hold harmless the Licensors Group from and against any damage, loss, costs and expenses, including legal
        costs, attorneys&rsquo; fees and litigation expenses, incurred by one or more members of the Licensors Group by reason of any acts
        or omissions of the Company, its affiliates or sublicensees, or which derive from the exploitation or use of the Technology or
        any Technology related product.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; width: 30%; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality &amp; Publication</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify; width: 70%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">The Company agrees to be bound
        by, and have applied, the confidentiality and non-disclosure obligations of the non-disclosure agreement already executed by the
        Parties and attached hereto as Appendix A (&ldquo;<B>CDA Obligations</B>&rdquo;) with respect to any and all information related
        to the Technology and/or its exploitation that is disclosed by Yissum during the term of this MOU. The Company agrees that the
        CDA Obligations shall bind the Company with respect to information, if any, that Yissum discloses during the term of this MOU even
        if disclosed following the end of the twelve month term of such Appendix B agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">The License Agreement shall
        contain: (a) standard mutual confidentiality provisions; and (b) standard terms of freedom of Yissum/University to publish details
        of the Licensed Technology subject to the Company&rsquo;s prior written consent, which the Company may reasonably withhold solely
        to delete the Company confidential information or to allow for the filing of patent applications, provided that any delay in publication
        is in no event longer than 90 days from the day that the Researcher sent the said publication to Newco, after which publication
        will be automatically permitted.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Yissum specifically acknowledges
        and understands that the Company is a public company traded on Tel Aviv Stock Exchange. Accordingly, the Company is required to
        make certain disclosures and publications under applicable laws which may include this Term Sheet and/or the parties' discussions,
        such disclosure not to be deemed a breach of this Term Sheet. All such disclosures will be redacted to exclude all business terms
        to the extent such redaction is permitted by applicable law or regulation. Any disclosure by the disclosing party will be coordinated
        with the other party in writing in advance.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will pay its respective legal and other fees and expenses associated with all aspects of the transactions contemplated hereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Provisions</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The License Agreement will include customary reporting, payment and audit rights provisions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment
</FONT></P></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Company shall be entitled to
        assign its rights and obligations hereunder and/or under the License Agreement to wholly-owned subsidiaries of Company (each, a
        &quot;Subsidiary&quot;) without Yissum's consent, provided, however, that in the event of such assignment, the Subsidiary agrees
        in writing to be bound by the terms hereof as an original party hereto.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Additional assignment rights
        upon exit events, if mutually agreed, shall be detailed in the License Agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt; font-size: 10pt; padding: 0pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt; font-size: 10pt; padding: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Term Sheet shall be governed by the laws of the State of Israel. The Parties submit to the exclusive jurisdiction of the competent courts in Tel Aviv.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IN WITNESS WHEREOF THE PARTIES BELOW HAVE SIGNED THIS TERM SHEET
AS OF THE DATE WRITTEN ABOVE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><B>/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW
    UNIVERSITY OF JERUSALEM LTD. </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><B>/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix Biosciences Ltd.&nbsp;&nbsp;&nbsp;</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">Ariela Markel</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 35%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">VP
    Licensing Biotechnology</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yaacov
Michlin</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">CEO</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 1.65pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">I the undersigned, Prof. Elka Touitou, have reviewed, am familiar
with and agree to all of the above terms and conditions. I hereby undertake to cooperate fully with Yissum in order to ensure its
ability to fulfill its obligations hereunder, as set forth herein.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">/s/ Elka Touitou</TD>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">6/24/16&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Prof. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elka Touitou</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Date signed</TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Appendix A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Patent Listing</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Family:</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3072 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Compositions for Nasal Delivery </FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; width: 30%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Inventor </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; width: 10%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>University </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; width: 24%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Faculty </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; width: 30%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Department </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HUJI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HUJI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HUJI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="background-color: lightgrey">
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Application</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Publication</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Patent</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="background-color: lightgrey">
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Patent ID </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Status </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Country </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date </B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number </B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Appendix B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="ex10iii_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (&ldquo;Yissum&rdquo; or &ldquo;Licensor&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>June 22, 2016 (&ldquo;Effective Date&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="ex10iii_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>











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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>filename6.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>**Confidential
portions have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;)**</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Term
Sheet</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Term Sheet, dated June 7, 2016 (the &quot;<U>Effective Date</U>&quot;) sets out the agreed business conditions for carrying out
the Transaction (as defined below) between <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> and Therapix Biosciences Ltd. (&quot;<U>Therapix</U>&quot;, and
together with &ldquo;<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
BEEN FILED SEPARATELY WITH THE COMMISSION]&rdquo;</B>, the &quot;<U>Parties</U>&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    Parties </B></FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
    Biosciences Ltd., company no. 51-358165-2, a public company whose shares are listed for trading on the Tel Aviv Stock Exchange
    Ltd. (&quot;<U>TASE</U>&quot;). </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B> a private company incorporated in <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
    FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, Zurich, engages mainly in the field of
    pharmaceuticals.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    Transaction </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B> shall grant Therapix an irrevocable, worldwide, exclusive, royalty-bearing, sublicensable license to use
    the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION]</B> Low-Dose Technology (as defined below), for the purpose of Development, manufacturing, sale, distribution,
    marketing and commercialization of the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Low-Dose Technology (as defined below) (the &quot;<U>License</U>&quot;).
    </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
        addition to the License, if, and each time, during the period of twenty four (24) months as of the Effective Date, <B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> receives an offer by a third party with respect to any commercial exploitation of the <B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> Normal-Dose Technology (as defined below), including any sale, license or grant of any other
        rights by <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN
        FILED SEPARATELY WITH THE COMMISSION]</B> with respect thereto (the &quot;<U>Transaction</U>&quot;), <B>[THE CONFIDENTIAL
        PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
        </B>shall be required to first inform Therapix of such offer (the &quot;<U>Notice</U>&quot;) and should Therapix have
        an interest in pursuing the Transaction set forth therein it shall notify <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>. Thereafter the
        parties shall negotiate in good faith a definitive agreement with respect to such Transaction. If Therapix fails to answer
        the Notice within <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND
        HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> days or otherwise the parties fails to reach a definitive agreement
        in good faith, <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
        BEEN FILED SEPARATELY WITH THE COMMISSION]</B> shall be entitled to enter into Transaction with third party but in any
        event not under terms better than those offered by Therapix. The right shall apply during the 24 months with respect to
        any Transaction. The right shall be further described in details in the Definitive Agreements.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> <U>Low-Dose Technology</U>&quot; shall mean <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>patent, knowhow
        and proprietary and confidential technology, of low-dose <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
        A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, as further detailed in <B><U>Exhibit
        A</U></B> attached hereto.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> <U>Normal-Dose Technology</U>&quot; shall mean <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> patent, knowhow
        and proprietary and confidential technology of normal-dose <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
        A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>, as further detailed in <B><U>Exhibit
        B</U></B> attached hereto.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION]</B> Low-Dose Technology shall be considered the &quot;<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
    PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> <U>Technology</U>&quot;.
    To the extent that the Option is exercised than the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
    FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>Normal-Dose Technology shall be deemed part
    of the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
    SEPARATELY WITH THE COMMISSION]</B>Technology.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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="text-align: left; width: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transaction
    Consideration</B></FONT></TD>
    <TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED &nbsp;PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION]</B> (as further detailed in the paragraph entitled &quot;<U>Development</U>&quot; below).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION].</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">(iii)</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed">Therapix shall pay <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> royalties from net sales earned by or on behalf of Therapix,
    on sales of products under the License, as shall be defined in the Definitive Agreement. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B> shall pay Therapix <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> royalties from any income it receives from other uses of
    the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION]</B> not considered <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Technology.</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Development
    </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
        and <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
        SEPARATELY WITH THE COMMISSION]</B> will partner to develop the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
        TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Technology (the &quot;<U>Development</U>&quot;).
        <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> will be responsible for the formulation development. The estimated expenses and schedule for
        the Development are further detailed in <B><U>Exhibit C</U></B> attached hereto.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Development shall include, without limitation, the following stages: <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> will assist Therapix with identifying and recruiting a CMO.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
        shall manage and be responsible for the Pharmacokinetics (PK)/Bioavailability Study in healthy volunteers. <B>[THE CONFIDENTIAL
        PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
        </B>shall have a right to use the Pharmacokinetics (PK)/Bioavailability Study result.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Parties estimate that the&nbsp;Development will continue for a period of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> and that the cost
        will be <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN
        FILED SEPARATELY WITH THE COMMISSION]</B> (based on <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
        FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> quotation), excluding out of pocket
        expenses. The cost is mainly attributed to the engagement of a CMO <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
        TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intellectual
    Property</B></FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B> represents that it owns or controls all rights to the patent, knowhow and intellectual property and the
    <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION]</B> Technology under the License or the Option, free and clear of all claims, liens or encumbrances;
    and is unaware of any rights superior which would prevent Therapix from fully exercising its rights under the License or the
    Option. To the best knowledge of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
    AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION], </B>there is no pending suit on grounds of alleged infringement, counterfeiting
    or passing off of intellectual property rights relating to the<B> [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
    A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Technology of any other person.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    as long as the License is in force, both parties shall fund the filing, prosecution and maintenance of any patent rights pertaining
    to the License.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitive
    Agreements</B></FONT></TD>
    <TD STYLE="width: 77%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    obligation of the Parties to consummate the Transaction is subject to and conditioned upon the successful completion of the
    Pharmacokinetics (PK)/Bioavailability Study in healthy volunteers (the &quot;<U>Pilot Completion</U>&quot;) and the negotiation
    and execution of agreements consistent with the terms and conditions described in this Term Sheet, including, without limitation,
    Option and License Agreement and other documents consistent with the terms hereof (the &quot;<U>Definitive Agreements</U>&quot;),
    containing such terms and provisions consistent with the terms hereof and as are customarily included in documentation for
    a transaction of this nature and magnitude and as are otherwise agreed to by the Parties.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions
    Precedent </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Parties shall enter into Definitive Agreements upon Successful Pilot Completion, Successfully completion of the Pilot to be
    further defined by Therapix which shall occur on or before 120 days after acceptance of this Term Sheet. The closing of the
    transactions contemplated hereby (the &quot;<U>Closing</U>&quot;) shall occur on the last day of the month in which all of
    the conditions to closing, as specified in the Definitive Agreements, have been satisfied or waived by the parties thereto
    (the &quot;<U>Closing Date</U>&quot;).&nbsp;&nbsp;The Closing will be subject to the satisfaction of all customary conditions
    precedent to closing, which shall be identified in the Definitive Agreements, and shall include, without limitation:</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
    of a due diligence process of the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Technology to the satisfaction of the Therapix; </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">receipt
                                                         the approval of relevant organs of both Parties according to the Companies Law and any applicable regulations; and</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
    of appropriate filings with and obtainment of the required approvals of the Israeli Securities Authority and the TASE (and
    the OTCQB, if required).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
    Warranties, Covenants</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Definitive Agreements will contain representations, warranties, covenants and indemnities customary for transactions of this
    type, which shall survive for an agreed-upon period of time following the closing of the Transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Party will bear its own expenses in connection with the Transaction, in accordance with the terms hereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidentiality</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    existence of this Term Sheet and any materials delivered to Therapix pursuant hereto, will be subject to the Confidentiality
    Agreement by and between the Parties attached hereto as <B><U>Exhibit D</U></B> (the &quot;<U>Confidentiality Agreement</U>&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exclusive
    Dealings</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Parties acknowledge that Therapix will devote substantial additional time and substantial resources in connection with drafting
    and negotiating this Term Sheet, the Definitive Agreements and seeking the approval of the Transaction by its organs. As consideration
    for Therapix incurring the time and costs in investigating the Transaction, <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
    PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> hereby grants Therapix
    the sole and exclusive right to negotiate with respect to the <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
    A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> Technology and the License and
    the Option for a period of forty five (45) days following the later of the date hereof or the Pilot Completion (the &quot;<U>Exclusivity
    Period</U>&quot;). </FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
        the Exclusivity Period, neither <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
        TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B> nor any of its shareholders, their respective affiliates
        or any of their respective officers, directors, employees, agents or representatives (collectively, &quot;<U>Representatives</U>&quot;)
        will, directly or indirectly, (a) (i) solicit, initiate or encourage any inquiries, discussions or proposals regarding,
        (ii) continue, propose or enter into negotiations or discussions with respect to, or (iii) enter into any agreement or
        other understanding or arrangement with respect to, (x) an acquisition, business combination, financing or a purchase
        of all or any portion of the shares or assets of <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
        FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>or any of its affiliates, whether by
        merger or otherwise, or (y) any transaction that could reasonably be expected to impede, interfere with, prevent, materially
        delay or limit any benefit to Therapix or its affiliates of the Transaction (the transactions and other matters described
        in clauses (x) and (y) above are hereinafter referred to as an &quot;<U>Alternative Transaction</U>&quot;) or (b) except
        as required by law, (i) provide any information to any other person or entity not customarily disclosed to such person
        or entity concerning its business and properties for the purpose of making, evaluating, or determining whether to make
        or pursue any inquiries or proposals with respect to any Alternative Transaction or (ii) afford to any person or entity
        access to its properties, books or records, or otherwise assist or encourage any person or entity in connection with the
        foregoing.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        party shall be responsible for any breach of the foregoing covenants by any of its officers, directors, employees, shareholders,
        agents or Representatives. In the event that after the date of this Term Sheet, either <B>[THE CONFIDENTIAL PORTION HAS
        BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] </B>or
        any of its shareholders receives or becomes aware of a proposal relating to any possible Alternative Transaction, <B>[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION]</B> or such shareholder, as the case may be, will promptly notify Therapix in writing of the existence
        of such proposal.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
        Term Sheet will terminate upon the earliest to occur of the following (the &quot;<U>Termination Date</U>&quot;): (a) the
        date on which either Party shall notify the other that it no longer wants to pursue the Transaction because it is unable
        to obtain the approval of this Term Sheet by its shareholders after using its best commercial efforts to do so; (b) the
        execution and delivery of the Definitive Agreements; and (c) the date that the Parties mutually agree in writing to terminate
        this Term Sheet.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
        termination hereof, this Term Sheet will be deemed null, void and of no further force or effect, and all obligations and
        liabilities of the Parties under this Term Sheet or otherwise related to the Transaction will terminate; except for the
        obligations set forth in the paragraph entitled &quot;Confidentiality&quot;.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
    Law &amp; Jurisdiction</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Term Sheet, the rights and obligations of the Parties, and any claims or disputes relating thereto, will be governed by and
    construed under and in accordance with the laws of the State of Israel, without regard to conflict of law principles. Each
    party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the competent
    courts of Tel-Aviv, Israel, and any appellate court from any thereof, in any action or proceeding arising out of or relating
    to this Term Sheet or for recognition or enforcement of any judgment relating thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Binding
    Term Sheet</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Term Sheet constitutes a legal obligation of each Party towards the other with respect to the Transaction, provided, however,
    that this Term Sheet and any Definitive Agreement are subject to the approval of applicable corporate organs of Therapix.
    </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In
witness whereof the Parties have set their hands: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; text-align: left; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    </FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Therapix Biosciences Ltd.<B> </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix
    Biosciences Ltd.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
B</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
Schedule</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
D</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual
Non-Disclosure Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Mutual Non-Disclosure Agreement (this &quot;<U>Agreement</U>&quot;) is entered into this 16 day of June 2015 by and between Therapix
Biosciences Ltd. (&quot;<U>Therapix</U>&quot;) having its principal place of business at 5 Azrieli Center (Square Tower), Tel-Aviv
6702501, Israel, and <B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
BEEN FILED SEPARATELY WITH THE COMMISSION]</B>. a Swiss company, with its registered office at Burglistrasse 39, 8304 Wallisellen,
Switzerland (&lsquo;&lsquo;<B>[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND
HAS BEEN FILED SEPARATELY WITH THE COMMISSION]</B>&rdquo;)&quot; and together with Therapix, the &quot;<U>Parties</U>&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
each of the Parties owns, possesses or has developed certain technical and business information relating to the technology, business,
products and product plans of such Party, its affiliates and/or of third parties; and in connection with and for the purpose of
discussions towards a business relationship between the Parties (the &quot;<U>Purpose</U>&quot;), each of the Parties (the &quot;<U>Discloser</U>&quot;)
is willing to disclose to, and the other Party (the &quot;<U>Recipient</U>&quot;) may otherwise have access to and acquire, Confidential
Information (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, the Parties hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B>Definition</B>. &quot;Confidential Information&quot; shall mean any information and data of a proprietary or confidential nature,
whether in oral, written, graphic, machine-readable form or in any other form, designated by Discloser as proprietary and/or confidential,
disclosed and/or made available by Discloser to Recipient or otherwise acquired by Recipient as a result of or in connection with
this Agreement and/or the Parties' discussions (whether prior to the execution hereof or thereafter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential
Information shall include, without limitation, proprietary. business, financial, technical, clinical, development, experimental,
formula, design, specifications, product (actual or planned and any derivatives thereof), marketing, sales, strategy, prices,
customers, operating, employees, performance, cost, know-how, research, technique and process information, records and results,
trade secrets, patents, patent applications, copyrights, ideas, improvements and inventions (whether patentable or not) and other
works of authorship, and all record bearing media containing or disclosing such information and techniques. When appropriate,
the term &quot;Confidential Information&quot; shall also include samples, models and prototypes, or parts thereof. The Parties'
discussions and the terms thereof shall be further deemed Confidential Information hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
confidentiality obligations of this Agreement shall not apply to any information that the Recipient can document (a) is already
or becomes in the public domain through no fault of Recipient or a breach of this Agreement; (b) was, as between the Parties,
lawfully in Recipient's possession prior to receipt from Discloser; (c) is received by Recipient independently from a third party
free to lawfully disclose such information to Recipient; or (d) is independently developed by Recipient without use or reference
of Confidential Information. Confidential Information shall not be deemed to be in the public domain merely because any pan of
the Confidential Information is embodied in general disclosure or because individual features, components or combinations thereof
are now or become known to the public.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
disclosure by Recipient of Confidential Information in response to a valid order by a court or other governmental body, or as
otherwise required by law, and to such extent necessary, shall not be considered to be a breach of this Agreement, <U>provided</U>,
<U>however</U>, that Recipient shall provide Discloser with prompt prior written notice thereof to enable Discloser to seek a
protective order or otherwise prevent or contest such disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B> specifically acknowledges and understands that Therapix is a public company traded on the Tel-Aviv Stock Exchange.
Accordingly, (a) Therapix's Confidential Information may be considered as &quot;inside information&quot; pursuant to Israeli securities
laws and regulations; and (b) Therapix is required to make certain disclosures and publications under applicable laws which may
include this Agreement and/or the Parties' discussions, such disclosure not to be deemed a breach of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#9;<B>Restrictions.
</B>All Confidential Information delivered, made available or otherwise acquired pursuant to this Agreement (a) shall not be copied,
duplicated, distributed, disseminated or made available in any way or form by Recipient (or so allowed, aided or enabled by Recipient);
(b) shall be maintained in confidence and in a place and manner that ensures such confidentially (which in any event shall be
not less than customary industry standards), and may only be disclosed to those employees of Recipient who have a need to know
and who have executed an obligation of confidentiality and restriction of use similar to the terms hereof; and (c) shall not be
used or exploited by Recipient, directly or indirectly, for any purpose, except for the Purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#9;<B>Duration</B>.
Recipient&rsquo;s obligations hereunder with respect to each item of Confidential Information shall expire seven (7) years from
the date of receipt by Recipient, or such longer period if trade secret protection applies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#9;<B>Term</B>.
This Agreement shall be effective as of the date stated above and shall terminate twelve (12) months from its effective date,
unless earlier terminated, with respect to future disclosures, upon thirty (30) days' prior written notice, and <U>provided</U>,
<U>however</U> that the provisions of Section 3 above and Sections 5-8 below shall survive the termination or expiration of this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#9;<B>Return
of Materials</B>. Promptly following the earlier of (i) termination or expiration of this Agreement; and (ii) within seven (7)
days following a written request by the Discloser at any time, Recipient will deliver to Discloser all Confidential Information
and all documents or media containing any such Confidential Information and any and all copies or extracts thereof (or shall have
such documentation and/or media destroyed and shall so confirm in writing, at Discloser's sole discretion).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#9;<B>Mutual
Disclaimers</B>; No Proprietary Rights. The Parties shall have no obligation to enter into any further agreement with each other.
Nothing herein shall be deemed to create any principal/agent, employee-employer, joint venture or other business relationship
between the Parties. It is understood and agreed that Confidential Information is provided &quot;AS IS&quot;. No warranties, express
or implied, of any kind are given by Discloser with respect to Confidential Information provided hereunder. The Parties also understand
that all Confidential Information shall remain the sole property of Discloser (or its respective owner(s)), and that no patent,
copyright, trademark or other proprietary right or license is granted by this Agreement. Recipient understands that nothing herein
requires the disclosure of any Confidential Information, which shall be disclosed, if at all, solely at the option of the Discloser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#9;<B>Injunctive
and Other Relief; No Derogation of Rights</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
a breach by Recipient of any of the promises or agreements contained herein may result in irreparable and continuing damage to
Discloser for which there may be no adequate remedy at law, Discloser shall be entitled to seek injunctive relief and/or a decree
for specific performance, and such other relief as may be proper (including monetary damages if appropriate) in any competent
court worldwide. Nothing in this Agreement shall be construed as derogating from any right or remedy that the Discloser may be
entitled to under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#9;<B>General</B>.
This Agreement shall bind and inure to the benefit of the Parties and their successors and assigns. Neither Party may transfer
or assign any rights or obligations under this Agreement without the prior written consent of the other Party, <U>except</U> to
a successor in interest who is not a competitor of the other Party. This Agreement represents the entire understanding and agreement
between the Parties with respect to the subject matter hereof and supersedes all prior communications, agreements and understandings
relating to the subject matter hereof. In the event that any of the provisions of this Agreement shall be held by a court or other
tribunal of competent jurisdiction to be illegal, invalid or unenforceable, such provisions shall be limited or eliminated to
the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect. No modification or amendment
of this Agreement will be valid unless executed by both Parties. The observance of any term hereof may be waived (either prospectively
or retroactively and either generally or in a particular instance) only with the written consent of the Party against such waiver
is sought and to such extent set forth therein; no failure or delay in enforcing any right will be deemed a waiver. The laws of
the State of Israel shall govern this Agreement, and, subject to the provisions of Section 7 above, the competent courts of the
Tel Aviv-Jaffa district shall have exclusive jurisdiction in any matter arising out of or relating to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed">/s/ <FONT STYLE="font: 10pt Times New Roman, Times, Serif">THERAPIX
    BIOSCIENCES LTD.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Name:
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 34%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 60%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]</B></FONT></P>

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    <TD STYLE="width: 6%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="width: 34%; text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Title:
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>filename7.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.5</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt"><B>December
2015</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt"><B>THERAPIX
BIOSCIENCES LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt"><B>2015
SHARE OPTION PLAN</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 91%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    PURPOSE OF THE ISOP</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    DEFINITIONS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    ADMINISTRATION OF THE ISOP</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    DESIGNATION OF PARTICIPANTS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    DESIGNATION OF OPTIONS PURSUANT TO SECTION 102</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    TRUSTEE</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON </B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
    PURCHASE PRICE</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.
    ADJUSTMENTS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
    TERM AND EXERCISE OF OPTIONS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.
    VESTING OF OPTIONS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.
    SHARES SUBJECT TO RIGHT OF FIRST REFUSAL/PREEMPTIVE RIGHTS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
    DIVIDENDS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.
    RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.
    EFFECTIVE DATE AND DURATION OF THE ISOP</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.
    AMENDMENTS OR TERMINATION</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.
    GOVERNMENT REGULATIONS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.
    CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.
    GOVERNING LAW &amp; JURISDICTION</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.
    TAX CONSEQUENCES</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.
    NON-EXCLUSIVITY OF THE ISOP</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.
    MULTIPLE AGREEMENTS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.
    ADDITIONAL DOCUMENTS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>APPENDICES
</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appendix
A</B>:&#9;Proxy and Power of Attorney (Section 23).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
plan, as amended from time to time, shall be known as Therapix Biosciences Ltd. 2015 Israeli Share Option Plan (the &ldquo;<U>ISOP</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B>PURPOSE OF THE ISOP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP is intended to provide an incentive to retain in the employment of the Company and its Affiliates (as defined below), persons
of training, experience, and ability, to attract new employees, directors, consultants, service providers and any other entity
which the Board (as defined below) shall decide their services are considered valuable to the Company, to encourage the sense
of proprietorship of such persons, and to stimulate the active interest of such persons in the development and financial success
of the Company by providing them with opportunities to purchase shares in the Company, pursuant to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<B>DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the ISOP and related documents, including the Option Agreement, the following definitions shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
&ldquo;<U>Affiliate</U>&rdquo; means any &ldquo;employing company&rdquo; within the meaning of Section 102(a) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
&ldquo;<U>Approved 102 Option</U>&rdquo; means an Option granted pursuant to Section 102(b) of the Ordinance and held in trust
by a Trustee for the benefit of the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3
&ldquo;<U>Board</U>&rdquo; means the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4
&ldquo;<U>Capital Gain Option (CGO)</U>&rdquo; as defined in Section 5.4 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5
&ldquo;<U>Cause</U>&ldquo; means, (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any refusal
to carry out a reasonable directive of the chief executive officer, the Board or the Optionee&rsquo;s direct supervisor, which
involves the afairs of the Company or its Affiliates and was capable of being lawfully performed; (iii) embezzlement of funds
of the Company or its Affiliates; (iv) any breach of the Optionce&rsquo;s fiduciary duties or duties of care of the Company; including
without limitation disclosure of confidential information of the Company; (v) any conduct (other than conduct in good faith) reasonably
determined by the Board to be materially detrimental to the Company; and (vi) circumstances which deprive an employee of severance
payment according to applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6
&ldquo;<U>Chairman</U>&rdquo; means the chairman of the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7
&ldquo;<U>Committee</U>&rdquo; means a compensation committee appointed by the Board, which shall consist of no fewer than two
members of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8
&ldquo;<U>Company</U>&rdquo; means Therapix Biosciences Ltd., a company incorporated under the laws of the state of Israel and
which securities are publicly traded on the Tel-Aviv Stock Exchange Ltd (the &ldquo;<U>TASE</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9
&ldquo;<U>Companies Law</U>&rdquo; means the Israeli Companies Law 5759-1999, as now in effect or as hereafter amended from time
to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10
&ldquo;<U>Controlling Shareholder</U>&rdquo; shall have the meaning ascribed to it in Section 32(9) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11
&ldquo;<U>Date of Grant</U>&ldquo; means, the date of grant of an Option, as determined by the Board and set forth in the Optionee&rsquo;s
Option Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12
&ldquo;<U>Employee</U>&ldquo; means a person who is employed by the Company or its Affiliates, including an individual or anu
service provider who is serving as a director or an office holder, but excluding Controlling Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13
&ldquo;<U>Expiration Date</U>&rdquo; means the date upon which an Option shall expire, as set forth in Section 10.2 of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.14
&ldquo;<U>Fair Market Value</U>&ldquo; means as of any date, the value of a Share determined as follows: (i) If the Shares are
listed on any established stock exchange or a national market system, including without limitation the NASDAQ National Market
system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales price for such
Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day prior
to time of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance,
if at the Date of Grant the Company's shares are listed on any established stock exchange or a national market system or if the
Company&rsquo;s shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value
of a Share at the Date of Grant shall be determined in accordance with the average value of the Company&rsquo;s shares on the
thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for
trading, as the case may be; (ii) If the Shares are regularly quoted by a recognized securities dealer but selling prices are
not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for the Shares on the last market
trading day prior to the day of determination, or; (iii) If the Shares are not publicly traded for 30 days prior to the date as
of which Fair Market Value is to be determined, &ldquo;Fair Market Value&rdquo; of the Shares shall mean the value as determined
in good faith by the Board. (vi) In the absence of an established market for the Shares, the Fair Market Value thereof shall be
determined in good faith by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.15
&ldquo;<U>IPO</U>&rdquo; means the initial public offering of the Company&rsquo;s shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16
&ldquo;<U>ISOP</U>&ldquo; means this 2015 Israeli Share Option Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17
&ldquo;<U>ITA</U>&rdquo; means the Israeli Tax Authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.18
&ldquo;<U>Non-Employee</U>&rdquo; means a consultant, adviser, service provider, Controlling Shareholder or any other person who
is not an Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.19
&ldquo;<U>Ordinary Income Option (OIO)</U>&rdquo; as defined in Section 5.5 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.20
&ldquo;<U>Option</U>&rdquo; means an option to purchase one or more Shares of the Company pursuant to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21
&ldquo;<U>102 Option</U>&rdquo; means any Option granted to Employees pursuant to Section 102 of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.22
&ldquo;<U>3(i) Option</U>&rdquo; means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.23
&ldquo;<U>Optionee</U>&rdquo; means a person who receives or holds an option under the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.24
&ldquo;<U>Option Agreement</U>&rdquo; means the share option agreement between the Company and an Optionee that sets out the terms
and Conditions of an Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.25
&ldquo;<U>Ordinance</U>&rdquo; means the 1961 Israeli Income Tax Ordinance [New Version] 1961 as now</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
effect or as hereafter amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.26
&ldquo;<U>Purchase Price</U>&ldquo; means the price for each Share subject to an Option (also known as &ldquo;Exercise Price&rdquo;
or &ldquo;Strike Price&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.27
&ldquo;<U>Section 102</U>&ldquo; means section 102 of the Ordinance as now in effect or as hereafter amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28
&ldquo;<U>Shares</U>&ldquo; means the ordinary shares, NIS 0.1 par value each, of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29
&ldquo;<U>Successor Company</U>&rdquo; means any entity the Company is merged to or is acquired by, in which the Company is not
the surviving entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.30
&ldquo;<U>Transaction</U>&rdquo; means (i) merger, acquisition or reorganization of the Company with one or more other entities
in which the Company is not the surviving entity, (ii) a sale of all or substantially all of the assets of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31
&ldquo;<U>Trustee</U>&ldquo; means any legal entitiy (individual or incorporated) appointed by the Company to serve as a trustee
and approved by the ITA, all in accordance with the provisions of Section 102(a) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.32
&ldquo;<U>Unapproved 102 Option</U>&rdquo; means an Option granted pursuant to Section 102(c) of the Ordinance and not held in
trust by a Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33
&ldquo;<U>Vested Option</U>&rdquo; means any Option, which has already been vested according to the Vesting Dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.34
&ldquo;<U>Vesting Dates</U>&rdquo; means, as determined by the Board or by the Committee, the date as of which the Optionee shall
be entitled to exercise the Options or part of the Options, as set forth in section 11 of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<B>ADMINISTRATION OF THE ISOP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
The Board shall have the power to administer the Plan. To the extent permitted under applicable law, the Board may delegate its
powers under the Plan, or any part thereof, to the Committee, in which case, any reference to the Board in the Plan with respect
to the rights so delegated shall be construed as reference to the Committee. Notwithstanding the foregoing, the Board shall automatically
have residual authority (i) if no Committee shall be constituted, (ii) with respect to rights not delegated by the Board to the
Committee, or (iii) if such Committee shall cease to operate for any reason whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2
The Committee shall select one of its members as its Chairman and shall hold its meetings at such times and places as the Chairman
shall determine. The Committee shall keep records of its meetings and shall make such rules and regulations for the conduct of
its business as it shall deem advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
The Committee shall have the power to recommend to the Board and the Board shall have the full power and authority to: (i) designate
participants; (ii) determine the terms and provisions of the respective Option Agreements, including, but not limited to, the
number of Options to be granted to each Optionee, the number of Shares to be covered by each Option, authorize (subject to any
applicable law) the re-pricing of any Options&rsquo; Purcahse Price, provisions concerning the time and the extent to which the
Options may be exercised and the nature and duration of restrictions as to the transferability or restrictions constituting substantial
risk of forfeiture and to cancel or suspend awards, as necessary; (iii) determine the Fair Market Value of the Shares covered
by each Option; (iv) make an election as to the type of Approved 102 Option; and (v) designate the type of Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee shall have full power and authority to: (i) alter any restrictions and conditions of any Options or Shares subject to
any Options (ii) interpret the provisions and supervise the administration of the ISOP; (iii) accelerate the right of an Optionee
to exercise in whole or in part, any previously granted Option and determine their exercise mechanism (including, without limitation,
cashless exercise mechanism); (iv) determine the Purchase Price of the Option; (v) prescribe, amend and rescind rules and regulations
relating to the ISOP; and (vi) make all other determinations deemed necessary or advisable for the administration of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of such decision, the Board or the Committee, as the case may be, may receive professional advice to evaluate any
tax implication of any kind (if at all) arising from such decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4
Unless otherwise determined by the Board, the Committee shall not be entitled to grant Options to the Optionees, however, it will
be authorized to issue Shares underlying Options which have been granted by the Board and duly exercised pursuant to the provisions
herein in accordance with section 112(a)(5) of the Companies Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5
The Board shall have the authority to grant, at its discretion, to the holder of an outstanding Option, in exchange for the surrender
and cancellation of such Option, a new Option having a purchase price equal to, lower than or higher than the Purchase Price of
the original Option so surrendered and canceled and containing such other terms and conditions as the Committee may prescribe
in accordance with the provisions of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6
Subject to the Company&rsquo;s Articles of Association and the provisions of the Companies Law, all decisions and selections made
by the Board or the Committee pursuant to the provisions of the ISOP shall be made by a majority of its members except that no
member of the Board or the Committee shall vote on, or be counted for quorum purposes, with respect to any proposed action of
the Board or the Committee relating to any Option to be granted to that member. Any decision reduced to writing shall be executed
in accordance with the provisions of the Company&rsquo;s Articles of Association, as the same may be in effect from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7
The interpretation and construction by the Committee of any provision of the ISOP or of any Option Agreement thereunder shall
be final and conclusive unless otherwise determined by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8
Subject to the Company&rsquo;s Articles of Association and the Company&rsquo;s decision, and to all approvals legally required,
including, but not limited to the provisions of the Companies Law, each member of the Board or the Committee shall be indemnified
and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him, or any liability
(including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in
connection with the ISOP unless arising out of such member's own fraud or bad faith, to the extent permitted by applicable law.
Such indemnification shall be in addition to any rights of indemnification the member may have as a director or otherwise under
the Company's Articles of Association, any agreement, any vote of shareholders or disinterested directors, insurance policy or
otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9
The Plan contemplates the grant of option awards by the Company as a company whose shares are publicly-traded. The Company&rsquo;s
shares are registered for trading on the TASE and may in the future be traded on other stock exchanges or on an electronic quotation
system, whether in Israel or abroad. Therefore, the options and/or shares allotted in accordance with the Plan may be made conditional
to any requirement or instruction of the stock exchange authorities or of any other relevant authority acting pursuant to applicable
law as shall exist from time to time. In such case, by means of a Board resolution, the Plan and the Agreements prepared pursuant
hereto, may be amended as necessary to meet such requirements. In the event of a contradiction between any such amendment and
the Plan&rsquo;s provisions, the amendment shall prevail.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<B>DESIGNATION OF PARTICIPANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
The persons eligible for participation in the ISOP as Optionees shall include any Employees and/or Non-Employees of the Company
or of any Affiliate; provided, however, that (i) Employees may only be granted 102 Options; (ii) Non-Employees may only be granted
3(i) Options; and (iii) Controlling Shareholders may only be granted 3(i) Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2
The grant of an Option hereunder shall neither entitle the Optionee to participate nor disqualify the Optionee from participating
in, any other grant of Options pursuant to the ISOP or any other option or share plan of the Company or any of its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
Anything in the ISOP to the contrary notwithstanding, all grants of Options to directors and office holders shall be authorized
and implemented in accordance with the provisions of the Companies Law or any successor act or regulation, as in effect from time
to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<B>DESIGNATION OF OPTIONS PURSUANT TO SECTION 102</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
The Company may designate Options granted to Employees pursuant to Section 102 as Unapproved 102 Options or Approved 102 Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2
The grant of Approved 102 Options shall be made under this ISOP adopted by the Board as described in Section 15 below, and shall
be conditioned upon the approval of this ISOP by the ITA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3
Approved 102 Option may either be classified as Capital Gain Option (&ldquo;<U>CGO</U>&rdquo;) or Ordinary Income Option (&ldquo;<U>OIO</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4
Approved 102 Option elected and designated by the Company to qualify under the capital gain tax treatment in accordance with the
provisions of Section 102(b)(2) shall be referred to herein as CGO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5
Approved 102 Option elected and designated by the Company to qualify under the ordinary income tax treatment in accordance with
the provisions of Section 102(b)(1) shall be referred to herein as OIO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6
The Company&rsquo;s election of the type of Approved 102 Options as CGO or OIO granted to Employees (the &ldquo;<U>Election</U>&rdquo;),
shall be appropriately filed with the ITA before the Date of Grant of an Approved 102 Option. Such Election shall become effective
beginning the first Date of Grant of an Approved 102 Option under this ISOP and shall remain in effect at least until the end
of the year following the year during which the Company first granted Approved 102 Options. The Election shall obligate the Company
to grant only the type of Approved 102 Option it has elected, and shall apply to all Optionees who were granted Approved 102 Options
during the period indicated herein, all in accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance
of doubt, such Election shall not prevent the Company from granting Unapproved 102 Options simultaneously.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7
All Approved 102 Options must be held in trust by a Trustee, as described in Section 6 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8
For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options shall be subject to the terms and
conditions set forth in Section 102 of the Ordinance and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9
With regards to Approved 102 Options, the provisions of the ISOP and/or the Option Agreement shall be subject to the provisions
of Section 102 and the Tax Assessing Officer&rsquo;s permit, and the said provisions and permit shall be deemed an integral part
of the ISOP and of the Option Agreement. Any provision of Section 102 and/or the said permit which is necessary in order to receive
and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ISOP or the Option Agreement,
shall be considered binding upon the Company and the Optionees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.10
Options granted hereunder shall not confer upon the holder thereof any of the rights of a shareholder of the Company with respect
to the shares subject to such options until such shares are issued and registered in the name of the holder upon the exercise
of the options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<B>TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board shall appoint Trustee for the purposes of this Plan, which Trustee shall be approved, with respect to grants designated
as grants made through Trustee pursuant to Section 102, in accordance with Section 102. The Trustee shall have all the powers
provided by law, Section 102 and the Plan and shall act pursuant to the provisions thereof, as they shall apply from time to time.
The Company shall pay the Trustee a fee as shall be agreed between the Trustee and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1
Approved 102 Options which shall be granted under the ISOP and/or any Shares allocated or issued upon exercise of such Approved
102 Options and/or other shares received subsequently following any realization of rights, including without limitation bonus
shares, shall be allocated or issued to the Trustee and held for the benefit of the Optionees or such period of time as required
by Section 102 or any regulations, rules or orders or procedures promulgated thereunder (the &ldquo;<U>Holding Period</U>&rdquo;).
In the case the requirements for Approved 102 Options are not met, then the Approved 102 Options may be treated as Unapproved
102 Options, all in accordance with the provisions of Section 102 and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2
Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Approved
102 Options prior to the full payment of the Optionee&rsquo;s tax liabilities arising from Approved 102 Options which were granted
to him and/or any Shares allocated or issued upon exercise of such Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3
With respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures
promulgated thereunder, an Optionee shall not sell or release from trust any Share received upon the exercise of an Approved 102
Option and/or any share received subsequently following any realization of rights, including without limitation, bonus shares,
until the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding the above, if any such sale
or release occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under any rules or regulation
or orders or procedures promulgated thereunder shall apply to and shall be borne by such Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4
Upon receipt of Approved 102 Option, the Optionee will sign an undertaking to release the Trustee from any liability in respect
of any action or decision duly taken and bona fide executed in relation with the ISOP, or any Approved 102 Option or Share granted
to him thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5
Shares registered in the Trustee&rsquo;s name shall be represented at meetings of shareholders of the Company and shall be voted
by the Trustee or its designee. However, the Trustee shall not be obligated to exercise such voting rights at general meetings
nor notify the Optionee of any Shares held in the Trust, of any meeting of the Company&rsquo;s shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the above, with respect to 102 Option, such shares shall be voted in accordance with the provisions of Section
102 and any rules, regulations or orders promulgated there under.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6
Nothing in the aforegoing provisions shall derogate from the power of the Board to grant options or to allot shares to the Trustee
otherwise than under the provisions of Section 102, or to allot shares or grant options to Optionee directly otherwise than through
the Trustee or on terms which differ from those specified above, or to approve the transfer of shares from the Trustee to the
name of any Optionee(s) upon such conditions as shall be determined by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<B>SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
The Company has reserved 5,000,000 authorized Shares, for the purposes of the ISOP and for the purposes of any other share option
plans which may be adopted by the Company in the future, subject to adjustment as set forth in Section 9 below. The Board may
from time to time increase or decrease the maximum number of shares that may be issued under the Plan. In case any issuance of
Shares determined by the Board exceeds the maximum number of authorized Shares, then the number of authorized Shares shall increase
according to the number of Shares to be issued under said determination and unless resolved otherwise by the Board, such determination
may be considered, as Board&rsquo;s resolusion, a change of the abovementioned reserved number of Shares under the Plan. Any Shares
which remain unissued and which are not subject to the outstanding Options at the termination of the ISOP shall cease to be reserved
for the purpose of the ISOP, but until termination of the ISOP the Company shall at all times reserve (or otherwise verify) sufficient
number of Shares with its registered share capital to meet the requirements of the ISOP. Should any Option for any reason expire
or be canceled prior to its exercise or relinquishment in full, the Shares subject to such Option may again be subjected to an
Option under the ISOP or under the Company's other share option plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2
Each Option granted pursuant to the ISOP, shall be evidenced by a written Option Agreement between the Company and the Optionee,
in such form as the Board or the Committee shall from time to time approve. Each Option Agreement shall state, among other matters,
the number of Shares to which the Option relates, the type of Option granted thereunder (whether a CGO, OIO, Unapproved 102 Option
or a 3(i) Option), the Vesting Dates, the Purchase Price per share (Exercise Price), the Expiration Date and such other terms
and conditions as the Committee or the Board in its discretion may prescribe, provided that they are consistent with this ISOP
and applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<B>PURCHASE PRICE (Exercise Price)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1
The Purchase Price of each Share subject to an Option shall be determined by the Committee in its sole and absolute discretion
in accordance with applicable law, subject to any guidelines as may be determined by the Board from time to time. Each Option
Agreement will contain the Purchase Price determined for each Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2
The Purchase Price shall be payable upon the exercise of the Option in a form satisfactory to the Committee, including without
limitation, by cash or check. The Committee shall have the authority to postpone the date of payment on such terms as it may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3
The Purchase Price shall be denominated in the currency of the primary economic environment of, either the Company or the Optionee
(that is the functional currency of the Company or the currency in which the Optionee is paid) as determined by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
<B>ADJUSTMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise determined by the Board, upon the occurrence of any of the following described events, Optionee's rights to purchase
Shares under the ISOP shall be adjusted as hereafter provided (Prior to any of the following events, the Board may receive professional
advice to evaluate any tax implication of any kind (if at all) arising from said events):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
<U>Transaction</U>. In the event of Transaction, the unexercised Options then outstanding under the ISOP shall be assumed or substituted
for an appropriate .number of shares of each class of shares or other securities of the Successor Company (or a parent or subsidiary
of the Successor Company) as were distributed to the shareholders of the Company in connection and with respect to the Transaction.
In the case of such assumption and/or substitution of Options, appropriate adjustments shall be made to the Purchase Price so
as to reflect such action and all other terms and conditions of the Option Agreements shall remain unchanged, including but not
limited to the vesting schedule, all subject to the determination of the Committee or the Board, which determination shall be
in their sole discretion and final. The Company shall notify the Optionee of the Transaction in such form and method as it deems
applicable at least ten (10) days prior to the effective date of such Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2
Notwithstanding the above and subject to any applicable law, the Board shall have full power and authority to determine that in
certain Option Agreements there shall be a clause instructing that, if in any such Transaction as described in section 9.1 above,
the Successor Company (or parent or subsidiary of the Successor Company) does not agree to assume or substitute for the Options,
the Vesting Dates shall be accelerated so that any unvested Option or any portion thereof shall be immediately vested as of the
date which is ten (10) days prior to the effective date of the Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3
For the purposes of section 9.1 above, an Option shall be considered assumed or substituted if, following the Transaction, the
Option confers the right to purchase or receive, for each Share underlying an Option immediately prior to the Transaction, the
consideration (whether shares, options, cash, or other securities or property) received in the Transaction by holders of shares
held on the effective date of the Transaction (and if such holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the
Transaction is not solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary, the Committee
may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the Option to
be solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary equal in Fair Market Value
to the per Share consideration received by holders of a majority of the outstanding shares in the Transaction; and provided. further
that the Committee may determine, in its discretion, that in lieu of such assumption or substitution of Options for options of
the Successor Company or its parent or subsidiary, such Options will be substituted for any other type of asset or property including
cash which is fair under the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4
<U>Liquidation; Dissolution</U>. If the Company is voluntarily liquidated or dissolved while unexercised Options remain outstanding
under the ISOP, the Company shall immediately notify all unexercised Option holders of such liquidation, and the Option holders
shall then have ten (10) days to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise
procedure set forth herein. Upon the expiration of such ten-days period, all remaining outstanding Options will terminate immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5
<U>Recapitalization; Bonus shares</U>. If the outstanding shares of the Company shall at any time be changed or exchanged by declaration
of a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization, consolidation and division
or any other like event by or of the Company, and as often as the same shall occur, then the number, class and kind of the Shares
subject to the ISOP or subject to any Options therefore granted, and the Purchase Prices, shall be appropriately and equitably
adjusted so as to maintain the proportionate number of Shares without changing the aggregate Purchase Price. Upon happening of
any of the foregoing, the class and aggregate number of Shares issuable pursuant to the ISOP (as set forth in Section 7 hereot),
in respect of which Options have not yet been exercised, shall be appropriately adjusted, all as will be determined by the Board
whose determination shall be final.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6
Anything herein to the contrary notwithstanding, if all or substantially all of the shares of the Company are to be sold, or in
case of a Transaction, all or substantially all of the shares of the Company are to be exchanged for securities of another Company,
then each Optionee shall be obligated to sell or exchange, as the case may be, any Shares such Optionee purchased under the ISOP,
in accordance with the instructions issued by the Board in connection with the Transaction, whose determination shall be final.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7
All Optionees shall be required to acknowledge in the Option Agreement that in the event that the Company&rsquo;s shares shall
be registered for trading in any public market, Optionee&rsquo;s rights to sell the Shares may be subject to certain limitations
(including alock-up period), as will be requested by the Company or its underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8
<U>Rights Offering</U>. In the event that following the grant of options to the Optionee, or to the Trustee on behalf of the Optionee,
the Company shall offer securities to its shareholders by way of a rights offering, then the Company shall offer such rights to
the Optionee as if such Options had been exercised prior to the record date of such offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9
<U>Dividends</U>. If at any time the Company shall distribute a dividend in liquidation or partial liquidation or by way of return
of capital, or a dividend regardless of whether or not payable out of earnings or surplus legally available for dividends, the
Purcahse Price shall be reduced by an amount equal to the per-share distribution on the record date fixed for the purpose of such
distribution. In any case, the Purcahse Price shall not be reduced under the par value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10
<U>Capital Reorganization</U>. In the event that before the Expiration Date a reorganization of the share capital of the Company
is effected (other than subdivision, combination or reclassification provided for elsewhere in this Section 9) and the Ordinary
Shares are exchanged for other securities of the Company, then, as part of such reorganization, provision shall be made so that
the Optionee shall be entitled to purchase upon exercise of this Option such kind and number of shares or other securities of
the Company to which the Optionee would have been entitled had this Option been exercised prior to such reorganization, and such
that the aggregate consideration to the Company hereunder shall not change (subject to the Vesting Dates).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<B>TERM AND EXERCISE OF OPTIONS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1
Options shall be exercised by the Optionee by giving written notice to the Company and/or to any third party designated by the
Company (the &ldquo;<U>Representative</U>&rdquo;), in such form and method as may be determined by the Company and when applicable,
by the Trustee in accordance with the requirements of Section 102, which exercise shall be effective upon receipt of such notice
by the Company and/or the Representative and the payment of the Purchase Price at the Company&rsquo;s or the Representative&rsquo;s
principal office. The notice shall specify the number of Shares with respect to which the Option is being exercised. The Company
shall allot the shares in the name of the Trustee upon receipt of all the requisite documents, approvals and payments from the
Optionee, including sufficient proof of payment or other arrangement with respect to the payment of any applicable taxes in form
satisfactory to the Company (and/or the Representative) and the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2
Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in the
Option Agreement; and (ii) the expiration of any extended period in any of the events set forth in section 10.5 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3
The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options
become vested and exercisable, prior to the Expiration Date, and provided that, subject to the'provisions of section 10.5 below,
the Optionee is employed by or providing services to the Company or any of its Affiliates, at all times during the period beginning
with the granting of the Option and ending upon the date of exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4
Subject to the provisions of section 10.5 below, in the event of termination of Optionee&rsquo;s employment or services, with
the Company or any of its Affiliates, all Options granted to such Optionee will immediately expire. A notice of termination of
employment or service shall be deemed to constitute termination of employment or service. For the avoidance of doubt, in case
of such termination of employment or service, the unvested portion of the Optionee&rsquo;s Option shall not vest and shall not
become exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5
Notwithstanding anything to the contrary hereinabove and unless otherwise determined in the Optionee&lsquo;s Option Agreement,
an Option may be exercised after the date of termination of Optionee's employment or service with the Company or any Affiliates
during an additional period of time beyond the date of such termination, but only with respect to the number of Vested Options
at the time of such termination according to the Vesting Dates, if: (i) termination is without Cause, in which event any Vested
Option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination; or
(ii) termination is the result of death or disability of the Optionee, in which event any Vested Option still in force and unexpired
may be exercised within a period of twenty (24) months after the date of such termination; or (iii) prior to the date of such
termination, the Committee shall authorize an extension of the terms of all or part of the Vested Options beyond the date of such
termination for a period not to exceed the period during which the Options by their terms would otherwise have been exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
avoidance of any doubt, if termination of employment or service is for Cause, any outstanding unexercised Option (whether vested
or non-vested), will immediately expire and terminate, and the Optionee shall not have any right in connection to such outstanding
Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6
To avoid doubt, the Optionees shall not have any of the rights or privileges of shareholders of the Company in respect of any
Shares purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders or creditors of the
Company for purpose of the operation of sections 350 and 351 of the Companies Law or any successor to such section, until registration
of the Optionee as holder of such Shares in the Company&rsquo;s register of shareholders upon exercise of the Option in accordance
with the provisions of the ISOP, but in case of Options and Shares held by the Trustee, subject to the provisions of Section 6
of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7
Any form of Option Agreement authorized by the ISOP may contain such other provisions as the Committee may, from time to time,
deem advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8
With respect to Unapproved 102 Option, if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall
extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares, all
in accordance with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
<B>VESTING OF OPTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1
Subject to the provisions of the ISOP, each Option shall vest following the Vesting Dates and for the number of Shares as shall
be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2
An Option may be subject to such other terms and conditions on the time or times when it may be exercised, as the Committee may
deem appropriate. The vesting provisions of individual Options may vary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
<B>SHARES SUBJECT TO RIGHT OF FIRST REFUSAL/PREEMPTIVE RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1
Notwithstanding anything to the contrary in the Articles of Association of the Company, none of the Optionees shall have a right
of first refusal in relation with any sale of shares in the Company, nor shall Optionecs have preemptive rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
<B>DIVIDENDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to all Shares (but excluding, for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise
of Options purchased by the Optionee and held by the Optionee or by the Trustee, as the case may be, the Optionee shall be entitled
to receive dividends in accordance with the quantity of such Shares, subject to the provisions of the Company&rsquo;s Articles
of Association (and all amendments thereto) and subject to any applicable taxation on distribution of dividends, and when applicable
subject to the provisions of Section 102 and the rules, regulations or orders promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Shares issued as a result of the exercise of the options shall participate equally with the Company&rsquo;s other
Shares in every cash dividend which shall be declared and distributed subject to the following: (a) a cash dividend shall be distributed
only to persons registered in the register of members as shareholders on the record date fixed for the distribution of the dividend;
(b) a dividend with regard to shares which are registered in the name of the Trustee shall be paid to the Trustee, subject to
any lawful deduction of tax, whether such rate is at the usual rate applicable to a dividend or at a higher rate. The Trustee
shall transfer the dividend to the optionees in accordance with instructions that he shall receive from the Company. Alternatively,
the Company shall be entitled to pay the dividend directly to the optionees subject to the deduction of the applicable tax.; and
(c) the Company or the Trustee shall be entitled to set off and deduct at source from any dividend any sum that the optionees
owes to the Company (including any Related Company) or the Trustee, whether under the Plan or otherwise, and/or any sum that the
Optionee owes to the tax or other authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, the Trustee may approach the relative tax authorities for any pre-ruling in regard to approvals to this section 13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, if at any time following the grant of options to the Optionee, or to the Trustee on behalf of the Optionee, the Company
shall distribute a cash dividend to its shareholders, then upon record date fixed for the purpose of such distribution, the exercise
price of each unexercised or unvested option at such time shall be reduced by an amount equal to the total cash dividend amount
paid for each Company's share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
<B>RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1
No Option or any right with respect thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable
or given as collateral or any right with respect to it given to any third party whatsoever, except as specifically allowed under
the ISOP, and during the lifetime of the Optionee each and all of such Optionee&lsquo;s rights to purchase Shares hereunder shall
be exercisable only by the Optionee. Any such action made directly or indirectly, for an immediate validation or for a future
one, shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2
As long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares
are personal, cannot be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and
distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
<B>EFFECTIVE DATE AND DURATION OF THE ISOP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP shall be effective as of the day it was adopted by the Board and shall terminate at the end of ten (10) years from such day
of adoption. The Company shall obtain the approval of the Company&rsquo;s shareholders for the adoption of this ISOP or for any
amendment to this ISOP, if shareholders&rsquo; approval is necessary or desirable to comply with any applicable law or applicable
stock exchange rules or regulations, including without limitation the Israeli Securities Law, the Israeli Companies Law, US federal
securities law and any relevant US state securities law, or the securities laws of other jurisdiction applicable to Options granted
to Optionees under this ISOP, or if shareholders&rsquo; approval is required by any authority or by any governmental agencies
or national securities exchanges including without limitation the US Securities and Exchange Commission. If such shareholder approval
is required in connection with the application of specified tax treatments, the Company shall make reasonable efforts to obtain
such approval within the required time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
<B>AMENDMENTS OR TERMINATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board may at any time, but when applicable, after consultation with the Trustee, amend, alter, suspend or terminate the ISOP.
No amendment, alteration, suspension or termination of the ISOP shall impair the rights of any Optionee, unless mutually agreed
otherwise between the Optionee and the Company, which agreement must be in writing and signed by the Optionee and the Company.
Termination of the ISOP shall not affect the Committee&rsquo;s ability to exercise the powers granted to it hereunder with respect
to Options granted under the ISOP prior to the date of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
<B>GOVERNMENT REGULATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP, and the granting and exercise of Options hereunder, and the obligation of the Company to sell and deliver Shares under such
Options, shall be subject to all applicable laws, rules, and regulations, whether of the State of Israel or of the United States
or any other State having jurisdiction over the Company and the Optionee, including the registration of the Shares under the United
States Securities Act of 1933, and the Ordinance and to such approvals by any governmental agencies or national securities exchanges
as may be required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of
any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
<B>CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the ISOP nor the Option Agreement with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue
any Optionee in its employ or service, and nothing in the ISOP or in any Option granted pursuant thereto shall confer upon any
Optionee any right to continue in the employ or service of the Company or an Affiliate thereof or restrict the right of the Company
or an Affiliate thereof to terminate such employment or service at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
<B>GOVERNING LAW &amp; JURISDICTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts
made and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv,
Israel shall have sole jurisdiction in any matters pertaining to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
<B>TAX CONSEQUENCES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1
Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any
other event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be borne solely by the
Optionee. The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the requirements under the applicable
laws, rules, and regulations, including Withholding taxes at source. Furthermore, the Optionee shall agree to indemnify the Company
and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest
or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.2
The Company and/or, when applicable, the Trustee Shall not be required to release any Share certificate to an Optionee until all
required payments have been fully made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
<B>NON-EXCLUSIVITY OF THE ISOP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of the ISOP by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive
arrangements or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of Options otherwise than under the ISOP, and such arrangements may be
either applicable generally or only in specific cases. For the avoidance of doubt, prior grant of options to Optionees of the
Company under their employment agreements, and not in the framework of any previous option plan, shall not be deemed an approved
incentive arrangement for the purpose of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
<B>MULTIPLE AGREEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Option may differ from other Options granted under the ISOP at the same time, or at any other time. The Board may
also grant more than one Option to a given Optionee during the term of the ISOP, either in addition to, or in substitution for,
one or more Options previously granted to that Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.
<B>ADDITIONAL DOCUMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1
The Optionee shall provide, any certificate, declaration or other document which the Company or the Trustee shall consider to
be necessary or desirable whether pursuant to any law, whether local or foreign, or otherwise, including any undertaking on the
part of the Optionee not to sell his or her shares during any period which shall be required by an underwriter or investment bank
or advisor of the Company for the purpose of any share issue, whether private or public (including lock-up and/or market stand-off
arrangements and undertakings), and including any certificate or agreement which the Company shall require, if any, from the Optionee
as members of a class of shareholders, or any certificate, declaration or other document the obtaining of which shall be deemed
by the Board or the Trustee to be appropriate or necessary for the purpose of raising capital for the Company, of merging the
Company with or into another company (whether the Company is the surviving entity or not), or of reorganization of the Company,
including, in the event of a consolidation or merger of the Company or any sale, lease, exchange or other transfer of all or substantially
all of the assets or shares of the Company, for the sale or exchange, as the case may be, of any shares the Optionee (or the Trustee
on his or her behalf) may have purchased hereunder all as shall be deemed necessary or desirable by the Board or the Trustee.
As long as the shares and/or the options are registered in the Trustee&rsquo;s name, the same shall be authorized to sign the
Optionee&rsquo;s name and on his/her behalf on any of the aforesaid documentation. In the event that the options or shares have
been transferred into the name of the Optionee, and he/she has refused to confirm any document required by the Company as aforesaid
by placing his/her signature thereon, the Trustee shall be entitled, at the request of the Company, to sign any document in the
name of the Optionee and on his/her behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2
In order to guarantee the aforesaid, and because the rights of the Company and the other shareholders are dependent thereon, the
Optionee shall, upon signing the Agreement and as a condition to the grant of any options hereunder, execute the Proxy and Power
of Attorney attached hereto as <B>Appendix A</B>, or in such other form as shall be approved by the Board from time to time (the
&ldquo;<U>Proxy and Power of Attorney</U>&rdquo;), irrevocably empowering the Trustee and/or the Attorney, to sign any document
and take any action in his or her name as aforesaid, and the Optionee shall have no complaint or claim against the Trustee and/or
the Attorney in respect of any such signature or action, or in respect of any determination of the Trustee pursuant hereto. The
Optionee will authenticate his or her signature in the presence of a notary if he or she shall be asked to do so by the Company,
in order to give full validity to the Proxy and Power of Attorney.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THERAPIX
BIOSCIENCES LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appendix
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to
THERAPIX BIOSCIENCES Ltd.&rsquo;s 2015 Share Option Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Section
23.2)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IRREVOCABLE
PROXY AND POWER OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
the undersigned, ________ , hereby appoint the Trustee or whomever shall replace him as trustee pursuant to THERAPIX BIOSCIENCES
Ltd.&rsquo;s 2015 Share Option Plan (the &ldquo;<B>Trustee</B>&rdquo; and the &ldquo;<B>Plan</B>&rdquo;, respectively) or whomever
the Trustee shall designate (including without derogating from the generality of the aforementioned, the Board) (the Trustee and/or
such designee shall be referred to hereafter as the &ldquo;<B>Attorney</B>&rdquo;) as my proxy to participate and vote (or abstain)
for me and on my behalf as the Attorney at his sole discretion shall deem appropriate, on all matters and at all meetings of shareholders
(whether ordinary, extraordinary or otherwise), of THERAPIX BIOSCIENCES<B> </B>Ltd. (the &ldquo;<B>Company</B>&rdquo;), on behalf
of all the shares and/or options of the Company held by the Trustee on my behalf and hereby authorize and grant a power of attorney
to the Attorney as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
hereby authorize and grant power of attorney to the Attorney for as long as any shares and/or options which were allotted or granted
on my behalf are held by the Trustee or registered in his name, or for as long as the certificates representing any shares are
held by the Trustee, to exercise every right, power and authority with respect to the shares and/or options and to sign in my
name and on my behalf any document (including any agreement, including a merger agreement of the Company or an agreement for the
purchase or sale of assets or shares (including the shares of the Company held on my behalf) and any and all documentation accompanying
any such agreements, such as, but not limited to, resolutions, decisions, requests, instruments, receipts and the like), and any
affidavit or approval with respect to the shares and/or options or to the rights which they represent in the Company in as much
as the Attorney shall deem it necessary or desirable to do so. In addition and without derogating from the generality of the foregoing,
I hereby authorize and grant power of attorney to the Attorney to sign any document as aforesaid and any affidavit or approval
(such as any waiver of rights of first refusal to acquire shares which are offered for sale by other shareholders of the Company
and/or any waiver of any preemptive rights to acquire any shares being allotted by the Company, in as much as such rights shall
exist pursuant to the Company&rsquo;s Articles of Association as shall be in existence from time to time) and/or to make and execute
any undertaking in my name and on my behalf if the Attorney shall, at his sole discretion, deem that the document, affidavit or
approval is necessary or desirable for purposes of any placement of securities of the Company, whether private or public (including
lock-up and/or market stand-off arrangements and undertakings), whether in Israel or abroad, for purposes of a merger of the Company
with or into another entity, whether the Company is the surviving entity or not, for purposes of any reorganization or recapitalization
of the Company or for purposes of any purchase or sale of assets or shares of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Proxy and Power of Attorney shall be interpreted in the widest possible sense, in reliance upon the Plan and upon the goals and
intentions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Proxy and Power of Attorney shall be irrevocable until such time as the rights of the Company and the Company&rsquo;s shareholders
are dependent hereon. The revocation of this Proxy and Power of Attorney shall in no manner effect the validity of any document
(as aforesaid), affidavit or approval which has been signed or given as aforesaid prior to the revocation hereof and in accordance
herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Proxy and Power of Attorney shall also apply to all shares and/or options in other entities issued or granted to or on behalf
of the undersigned and held by the Trustee in consideration or in exchange for, or by virtue of, any shares and/or options of
the Company in connection with any consolidation, merger, spin-off or like transaction with respect to the Company, and the term
&ldquo;Company&rdquo; when used herein shall include any other such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, I have executed this Proxy and Power of Attorney on the ___ day of ________, ____.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.D.
    Number:</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CONFIRMATION</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
the undersigned, ________, hereby confirm the signature of ________ which appears above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: Black 1.5pt solid; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 10.6</B></FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASVAX LTD. SHARE OPTION PLAN</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASVAX
LTD.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
2005 SHARE OPTION PLAN</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURPOSE OF THE ISOP</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 7%">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS
</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATION
OF THE ISOP </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">4</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESIGNATION
OF PARTICIPANTS</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">5</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESIGNATION
OF OPTIONS PURSUANT TO SECTION 102 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">5</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">6</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
RESERVED FOR THE ISOP</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">7</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASE
PRICE </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">7</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADJUSTMENTS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">8</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERM
AND EXERCISE OF OPTIONS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">9</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VESTING
OF OPTIONS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">10</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
SUBJECT TO RIGHT OF FIRST REFUSAL </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDENDS
</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">11</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESTRICTIONS
ON ASSIGNABILITY AND SALE OF OPTIONS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECTIVE
DATE AND DURATION OF THE ISOP </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">11</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENTS
OR TERMINATION </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNMENT
REGULATIONS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTINUANCE
OF EMPLOYMENT </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING
LAW &amp; JURISDICTION </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-EXCLUSIVITY
OF THE ISOP </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MULTIPLE
AGREEMENTS </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">12</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
plan, as amended from time to time, shall be known as NasVax Ltd. 2005 Share Option Plan (the &ldquo;ISOP&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
PURPOSE OF THE ISOP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP is intended to provide an incentive to retain in the employ of the Company and its Affiliates (as defined below), persons
of training, experience, and ability, to attract new employees, directors, consultants, service providers and any other entity
which the Board (as defined below) shall decide their services are considered valuable to the Company, to encourage the sense
of proprietorship of such persons, and to stimulate the active interest of such persons in the development and financial success
of the Company by providing them with opportunities to purchase shares in the Company, pursuant to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the ISOP and relatedidocuments, including the Option Agreement, the following definitions shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
&ldquo;Affiliate&rdquo; means any &ldquo;employing company&rdquo; within the meaning of Section 102(a) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
&ldquo;Approved 102 Option&rdquo; means an Option granted pursuant to Section 102(b) of the Ordinance and held in trust by a Trustee
for the benefit of the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3
&ldquo;Board&rdquo; means the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4
&ldquo;Capital Gain Option (CGO)&rdquo; as defined in Section 5.4 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5
&ldquo;Cause&rdquo; means, (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any refusal to
carry out a reasonable directive of the chief executive officer, the Board or the Optionee&rsquo;s direct supervisor, which involves
the business of the Company or its Affiliates and was capable of being lawfully performed; (iii) embezzlement of funds of the
Company or its Affiliates; (iv) any breach of the Optionce&rsquo;s fiduciary duties or duties of care of the Company; including
without limitation disclosure of confidential information of the Company; (v) any conduct (other than conduct in good faith) reasonably
determined by the Board to be materially detrimental to the Company; and (vi) circumstances which deprive an employee of severance
payment according to applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6
&ldquo;Chairman&rdquo; means the chairman of the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7
&ldquo;Committee&rdquo; means a share option compensation committee appointed by the Board, which shall consist of no fewer than
two members of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8
&ldquo;Company&quot; means NasVax Ltd., an Israeli company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9
&ldquo;Companies Law&rdquo; means the Israeli Companies Law 5759-1999.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10
&ldquo;Controlling Shareholder&rdquo; shall have the meaning ascribed to it in Section 32(9) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11
&ldquo;Date of Grant&rdquo; means, the date of grant of an Option, as determined by the Board and set forth in the Optionee&rsquo;s
Option Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12
&quot;Employee&rdquo; means a person who is employed by the Company or its Affiliates, including an individual who is serving
as a director or an office holder, but excluding Controlling Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13
&ldquo;Expiration data&quot; means the date Upon which an Option shall expire, as set forth in Section 10.2 of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.14
&ldquo;Fair Market Value&rdquo; means as of any date, the value of a Share determined as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
If the Shares are listed on any established stock exchange or a national market system, including without limitation the NASDAQ
National Market system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales
price for such Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market
trading day prior to time of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance,
if at the Date of Grant the Company's shares are listed on any established stock exchange or a national market system or if the
Company&rsquo;s shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value
of a Share at the Date of Grant shall be determined in accordance with the average value of the Company&rsquo;s shares on the
thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for
trading, as the case may be;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
shall be the mean between the high bid and low asked prices for the Shares on the last market trading day prior to the day of
determination, or;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the
Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.15
&ldquo;1Po&rdquo; means the initial public offering of the Company&rsquo;s shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16
&ldquo;ISOP&rdquo; means this 2005 Share Option Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17
&ldquo;ITA&rdquo; means the Israeli Tax Authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.18
&ldquo;Non-Employee&rdquo; means a consultant, adviser, service provider, Controlling Shareholder or any other person who is not
an Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.19
&ldquo;Ordinary Income Option (010)&quot; as defined in Section 5.5 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.20
&ldquo;Option&rdquo; means an option to purchase one or more Shares of the Company pursuant to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21
&ldquo;102 Option&rdquo; means any Option granted to Employees pursuant to Section 102 of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.22
&ldquo;3(i) Option&rdquo; means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.23
&ldquo;Optionee&rdquo; means a person who receives or holds an option under the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.24
&ldquo;Option Agreement&rdquo; means the share option agreement between the Company and an </FONT>Optionee that sets out the
terms and Conditions of an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.25
&ldquo;Ordinance&rdquo; means the 1961 Israeli Income Tax Ordinance [New Version] 1961 as now in effect or as hereafter amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.26
&ldquo;Purchase Price&rdquo; means the price for each Share subject to an Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.27
&ldquo;Section 102&rdquo; means section 102 of the Ordinance as now in effect or as hereafter </FONT>amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28
&ldquo;Share&rdquo; means the ordinary shares, NIS 0.1 par value each, of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29
&ldquo;Successor Company&rdquo; means any entity the Company is merged to or is acquired by, in which the Company is not the surviving
entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.30
&ldquo;Transaction&rdquo; means (i) merger, acquisition or reorganization of the Company with one or more other entities in which
the Company is not the surviving entity, (ii) a sale of all or substantially all of the assets of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31
&ldquo;Trustee&rdquo; means any individual appointed by the Company to serve as a trustee and approved by the ITA, all in accordance
with the provisions of Section 102(a) of the Ordinance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.32
&ldquo;Unapproved 102 Option&rdquo; means an Option granted pursuant to Section 102(c) of the Ordinance and not held in trust
by a Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33
&ldquo;Vested Option&rdquo; means any Option, which has already been vested according to the Vesting Dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.34
&ldquo;Vesting Dates&rdquo; means, as determined by the Board or by the Committee, the date as of which the Optionee shall be
entitled to exercise the Options or part of the Options, as set forth in section 11 of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
ADMINISTRATION OF THE ISOP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
The Board shall have the power to administer the 'Plan. To the extent permitted under applicable law, the Board may delegate its
powers under the Plan, or any part thereof, to the Committee, in which case, any reference to the Board in the Plan with respect
to the rights so delegated shall be construed as reference to the Committee. Notwithstanding the foregoing, the Board shall automatically
have residual authority (i) if no Committee shall be constituted, (ii) with respect to rights not delegated by the Board to the
Committee, or (iii) if such Committee shall cease to operate for any reason whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2
The Committee shall select one of its members as its Chairman and shall hold its meetings at such times and places as the Chairman
shall determine. The Committee shall keep records of its meetings and shall make such rules and regulations for the conduct of
its business as it shall deem advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
The Committee shall have the power to recommend to the Board and the Beard shall have the full power and authority to: (i) designate
participants; (ii) determine the terms and provisions of the respective Option Agreements, including, but not limited to, the
number of Options to be granted to each Optionee, the number of Shares to be covered by each Option, provisions concerning the
time and the extent to which the Options may be exercised and the nature and duration of restrictions as to the transferability
or restrictions constituting substantial risk of forfeiture and to cancel or suspend awards, as necessary; (iii) determine the
Fair Market Value of the Shares covered by each Option; (iv) make an election as to the type of Approved 102 Option; and (v) designate
the type of Options. The Committee shall have fill] power and authority to: (i) alter any restrictions and conditions of any Options
or Shares subject to any Options (ii) interpret the provisions and supervise the administration of the ISOP; (iii) accelerate
the right of an Optionee to exercise in whole or in part, any previously granted Option; (iv) determine the Purchase Price of
the Option; (v) prescribe, amend and rescind rules and regulations relating to the ISOP; and (vi) make all other determinations
deemed necessary or advisable for the administration of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4
Notwithstanding the above, the Committee shall not be entitled to grant Options to the Optionees, however, it will be authorized
to issue Shares underlying Options which have been granted by the Board and duly exercised pursuant to the provisions herein in
accordance with section 112(a)(5) of the Companies Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5
The Board shall have the authority to grant, at its discretion, to the holder of an </FONT>outstanding Option, in exchange
for the surrender and cancellation of such Option, a new Option having a purchase price equal to, lower than or higher than
the Purchase Price of the original Option so surrendered and canceled and containing such other terms and conditions as the
Committee may prescribe in accordance with the provisions of the ISOP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6
Subject to the Company&rsquo;s Articles of Association,-all decisions and selections made by the Board or the Committee pursuant
to the provisions of the ISOP shall be made by a majority of its members except that no member of the Board or the Committee shall
vote on, or be counted for quorum purposes, with respect to any proposed action of the Board or the Committee relating to any
Option to be granted to that member. Any decision reduced to writing shall be executed in accordance with the provisions of the
Company&rsquo;s Articles of Association, as the same may be in effect from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7
The interpretation and construction by the Committee of any provision of the IS OP or of any Option Agreement thereunder shall
be final and conclusive unless otherwise determined by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8
Subject to the Company&rsquo;s Articles of Association and the Company&rsquo;s decision, and to all approvals legally
required, including, but not limited to the provisions of the Companies Law, each member of the Board or the Committee shall
be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by
him, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any
act or omission to act in connection with the ISOP unless arising out of such member's own fraud or bad faith, to the extent
permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the member may have
as a director or otherwise under the Company's Articles of Association, any agreement, any vote of shareholders or
disinterested directors, insurance </FONT>policy or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. DESIGNATION OF PARTICIPANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
The persons eligible for participation in the ISOP as Optionees shall include any Employees and/or Non-Employees of the Company
or of any Affiliate; provided, however, that (i) Employees may only be granted 102 Options; (ii) Non-Employees may only be granted
3(i) Options; and (iii) Controlling Shareholders may only be granted 3(i) Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2
The grant of an Option hereunder shall neither entitle the Optionee to participate nor disqualify the Optionee from participating
in, any other grant of Options pursuant to the ISOP or any other option or share plan of the Company or any of its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
Anything in the IS OP to the contrary notwithstanding, all grants of Options to directors and office holders shall be authorized
and implemented in accordance with the provisions of the Companies Law or any successor act or regulation, as in effect from time
to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
DESIGNATION OF OPTIONS PURSUANT TO SECTION 102</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
The Company may designate Options granted to Employees pursuant to Section 102 as Unapproved 102 Options or Approved 102 Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2
The grant of Approved 102 Options shall be made under this ISOP adopted by the Board as described in Section 15 below, and shall
be conditioned upon the approval of this ISOP by the ITA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3
Approved 102 Option may either be classified as Capital Gain Option (&ldquo;CGO&rdquo;) or Ordinary Income Option (&ldquo;OIO&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4
Approved 102 Option elected and designated by the Company to qualifir under the capital gain tax treatment in accordance with
the provisions of Section 102(b)(2) shall be referred to herein as CGO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5
Approved 102 Option elected and designated by the Company to qualify under the ordinary income tax treatment in accordance with
the provisions of Section 102(b)(1) shall be referred to herein as 010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6
The Company&rsquo;s election of the type of Approved 102 Options as COO or 010 granted to Employees (the
&ldquo;Election&rdquo;), shall be appropriately filed with the ITA before the Date of Grant of an Approved 102 Option. Such
Election shall become effective beginning the first Date of Grant of an Approved 102 Option under this ISOP and shall remain
in effect at least until the end of the year following the year during which the Company first granted Approved 102 Options.
The Election shall obligate the Company to grant only the </FONT>type of Approved 102 Option it has elected, and shall apply
to all Optionees who were granted Approved 102 Options during the period indicated herein, all in accordance with the
provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company from
granting Unapproved 102 Options simultaneously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7
All Approved 102 Options must be held in trust by a Trustee, as described in Section 6 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8
For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options shall be subject to the terms and
conditions set forth in Section 102 of the Ordinance and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9
With regards to Approved 102 Options, the provisions of the ISOP and/or the Option Agreement shall be subject to the provisions
of Section 102 and the Tax Assessing Officer&rsquo;s permit, and the said provisions and permit shall be deemed an integral part
of the ISOP and of the Option Agreement. Any provision of Section 102 and/or the said permit which is necessary in order to receive
and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ISOP or the Option Agreement,
shall be considered binding upon the Company and the Optionees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
TRUSTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1
Approved 102 Options which shall be granted under the ISOP and/or any Shares allocated or issued upon exercise of such Approved
102 Options and/or other shares received subsequently following any realization of rights, including without limitation bonus
shares, shall be allocated or issued to the Trustee and held for the benefit of the Optionees for such peridd of time as required
by Section 102 or any regulations, rules or orders or procedures promulgated thereunder (the &ldquo;Holding Period&rdquo;). In
the case the requirements for Approved 102 Options are not met, then the Approved 102 Options may be treated as Unapproved 102
Options, all in accordance with the provisions of Section 102 and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2
Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Approved
102 Options prior to the full payment of the Optionee&rsquo;s tax liabilities arising from Approved 102 Options which were granted
to him and/or any Shares allocated or issued upon exercise of such Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3
With respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures
promulgated thereunder, an Optionee shall not sell or release from trust any Share received upon the exercise of an Approved 102
Option and/or any share received subsequently following any realization of rights, including withoutlimitation, bonusshares, until
the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding the above, if any such sale or release
occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under any rules or regulation or orders
or procedures promulgated thereunder shall apply to and shall be borne by such Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4
Upon receipt of Approved 102 Option, the Optionee will sign an undertaking to release i the Trustee from any liability in respect
of any action or decision duly taken and bona fide executed in relation with the ISOP, or any Approved 102 Option or Share granted
to him thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7. SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
The Company has reserved 11082 authorized Shares, for the purposes of the ISOP and for the purposes of any other share option
plans which may be adopted by the Company in the fiJture, subject to adjustment as set forth in Section 9 below. Any Shares which
remain unissued and which are not subject to the outstanding Options at the termination of the ISOP shall cease to be reserved
for the purpose of the ISOP, but until termination of the ISOP the Company shall at all times reserve sufficient number of Shares
to meet the requirements of the ISOP. Should any Option for any reason expire or be canceled prior to its exercise or relinquishment
in hill, the Shares subject to such Option may again be subjected to an Option under the ISOP or under the Company's other share
option plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2
Each Option granted pursuant to the ISOP, shall be evidenced by a written Option Agreement between the Company and the Optionee,
in such form as the Board or the Committee shall from time to time approve. Each Option Agreement shall state, among other matters,
the number of Shares to which the Option relates, the type of Option granted thereunder (whether a CGO, OIO, Unapproved 102 Option
or a 3(i) Option), the Vesting Dates, the Purchase Price per share, the Expiration Date and such other terms and conditions as
the Committee or the Board in its discretion may prescribe, provided that they are consistent with this ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3
Until the consummation of an IPO, such Shares shall be voted by an irrevocable proxy (the &ldquo;'Proxy&rdquo;) pursuant to the
directions of the Board, such Proxy to be assigned to the person or persons designated by the Board. Such person or persons designated
by the Board shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably
incurred by him/her, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising
out of any act or omission to act in connection with the voting of such Proxy unless arising out of such member's own fraud or
bad faith, to the extent permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification
the person(s) may have as a director or otherwise under the Company's Articles of Association, any agreement, any vote of shareholders
or disinterested directors, insurance policy or otherwise. Without derogating from the above, with respect to Approved 102 Options,
such shares shall be voted in accordance with the provisions of Section 102 and any rules, regulations or orders promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
PURCHASE PRICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1
The Purchase Price of each Share subject to an Option shall be determined by the Committee in its sole and absolute discretion
in accordance with applicable law, subject to any guidelines as may be determined by the Board from time to time. Each Option
Agreement will contain the Purchase Price determined for each Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2
The Purchase Price shall be payable upon the exercise of the Option in a form satisfactory to the Committee, including without
limitation, by cash or check. The Committee shall have the authority to postpone the date of payment on such terms as it may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3
'The Purchase Price shall be denominated in the currency of the primary economic environment of, either the Company or the Optionee
(that is the functional currency of the Company or the currency in which the Optionee is paid) as determined by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
ADJUSTMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of any of the following described events, Optionee's rights to purchase </FONT>Shares under the ISOP shall be
adjusted as hereafter provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
In the event of Transaction, the unexercised Options then outstanding under the ISOP shall be assumed or substituted for an appropriate
..number of shares of each class of shares or other securities of the Successor Company (or a parent or subsidiary of the Successor
Company) as were distributed to the shareholders of the Company in connection and with respect to the Transaction. In the case
of such assumption and/or substitution of Options, appropriate adjustments shall be made to the Purchase Price so as to reflect
such action and all other terms and conditions of the Option Agreements shall remain unchanged, including but not limited to the
vesting schedule, all subject to the determination of the Committee or the Board, which determination shall be in their sole discretion
and final. The Company shall notify the Optionee of the Transaction in such form and method as it deems applicable at least ten
(10) days prior to the effective date of such Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2
Notwithstanding the above and subject to any applicable law, the Board or the Committee shall have full power and authority to
determine that in certain Option Agreements there shall be a clause instructing that, if in any such Transaction as described
in section 9.1 above, the Successor Company (or parent or subsidiary of the Successor Company) does not agree to assume or substitute
for the Options, the Vesting Dates shall be accelerated so that any unvested Option or any portion thereof shall be immediately
vested as of the date which is ten (10) days prior to the effective date of the Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3
For the purposes of section 9.1 above, an Option shall be considered assumed or substituted if, following the Transaction, the
Option confers the right to purchase or receive, for each Share underlying an Option immediately prior to the Transaction, the
consideration (whether shares, options, cash, or other securities or property) received in the Transaction by holders of shares
held on theeffective date of the Transaction (and if such holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the
Transaction is not solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary, the Committee
may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the Option to
be solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary equal in Fair Market Value
to the per Share consideration received by holders of a majority of the outstanding shares in the Transaction; and provided. further
that the Committee may determine, in its discretion, that in lieu of such assumption or substitution of Options for options of
the Successor Company or its parent or subsidiary, such Options will be substituted for any other type of asset or property including
cash which is fair under the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4
If the Company is voluntarily liquidated or dissolved while unexercised Options remain outstanding under the ISOP, the Company
shall immediately notify all unexercised Option holders of such liquidation, and the Option holders shall then have ten (10) days
to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise procedure set forth herein.
Upon the expiration of such ten-days period, all remaining outstanding Options will terminate immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5
If the outstanding shares of the Company shall at any time be changed or exchanged by declaration of a share dividend (bonus shares),
share split, combination or exchange of shares, recapitalization, or any other like event by or of the Company, and as often as
the same shall occur, then the number, class and kind of the Shares subject to the ISOP- or subject to any Options therefore granted,
and the Purchase Prices, shall be appropriately and equitably adjusted so as to maintain the proportionate number of Shares without
changing the aggregate Purchase Price, provided, however, that no adjustment shall be made by reason of the distribution of subscription
rights (rights offering) on outstanding shares. Upon happening of any of the foregoing, the class and aggregate number of Shares
issuable pursuant to the ISOP (as set forth in Section 7 hereot), in respect of which Options have not yet been exercised, shall
be appropriately adjusted, all as will be determined by the Board whose determination shall be final.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6
Anything herein to the contrary notwithstanding, if prior to the completion of the IPO all or substantially all of the shares
of the Company are to be sold, or in case of a Transaction, all or substantially all of the shares of the Company are to be exchanged
for securities of another Company, then each Optionee shall be obliged to sell or exchange, as the case may be, any Shares such
Optionee purchased under the ISOP, in accordance with the instructions issued by the Board in connection with the Transaction,
whose determination shall be final.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7
All Optionees shall be required to acknowledge in the Option Agreement that in the event that the Company&rsquo;s shares shall
be registered for trading in any public market, Optionee&rsquo;s rights to sell the Shares may be subject to certain limitations
(including alock-up period), as will be requested by the Company or its underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
TERM AND EXERCISE oF OPTIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1
Options shall be exercised by the Optionee by giving written notice to the Company and/or to any third party designated by the
Company (the &ldquo;Representative&rdquo;), in such form and method as may be determined by the Company and when applicable, by
the Trustee in accordance with the requirements of Section 102, which exercise shall be effective upon receipt of such notice
by the Company and/or the Representative and the payment of the Purchase Price at the Company&rsquo;s or the Representative&rsquo;s
principal office. The notice shall specify the number of Shares with respect to which the Option is being exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2
Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in the
Option Agreement; and-(ii) the expiration of any extended period in any of the events set forth in section 10.5 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3
The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options
become vested and exercisable, prior to the Expiration Date, and provided that, subject to the'provisions of section 10.5 below,
the Optionee is employed by or providing services to the Company or any of its Affiliates, at all times during the period beginning
with the granting of the Option and ending upon the date of exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4
Subject to the provisions of section 10.5 below, in the event of termination of Optionee&rsquo;s employment or services, with
the Company or any of its Affiliates, all Options granted to such Optionee will immediately expire. A notice of termination of
employment or service shall be deemed to constitute termination of employment or service. For the avoidance of doubt, in case
of such termination of employment or service, the unvested portion of the Optionee&rsquo;s Option shall not vest and shall not
become exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5
Notwithstanding anything to the contrary hereinabove and unless otherwise determined in the Optionee&lsquo;s Option Agreement,
an Option may be exercised after the date of termination of Optionee's employment or service with the Company or any Affiliates
during an additional period of time beyond the date of such termination, but only with respect to the number of Vested Options
at the time of such termination according to the Vesting Dates, if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
(i) termination is without Cause, in which event any Vested Option still in force and unexpired may be exercised within a period
of ninety (90) days after the date of such termination; or-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
termination is the result of death or disability of the Optionee, in which event any Vested Option still in force and unexpired
may be exercised within a period of twenty (24) months after the date of such termination; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
prior to the date of such termination, the Committee shall authorize an extension of the terms of all or part of the Vested Options
beyond the date of such termination for a period not to exceed the period during which the Options by their terms would otherwise
have been exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
avoidance of any doubt, if termination of employment or service is for Cause, any</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding
unexercised Option (whether vested or non-vested), will immediately expire and terminate, and the Optionee shall not have any
right in connection to such outstanding Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6
To avoid doubt, the Optionees shall not have any of the rights or privileges of shareholders of the Company in respect of any
Shares purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders or creditors of the
Company for purpose of the operation of sections 350 and 351 of the Companies Law or any successor to such section, until registration
of the Optionee as holder of such Shares in the Company&rsquo;s register of shareholders upon exercise of the Option in accordance
with the provisions of the ISOP, but in case of Options and Shares held by the Trustee, subject to the provisions of Section 6
of the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7
Any form of Option Agreement authorized by the ISOP may contain such other provisions as the Committee may, from time to time,
deem advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8
With respect to Unapproved 102 Option, if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall
extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares, all
in accordance with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. VESTING OF OPTIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1
Subject to the provisions of the ISOP, each Option shall vest following the Vesting Dates and for the number of Shares as shall
be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2
An Option may be subject to such other terms and conditions on the time or times when it may be exercised, as the Committee may
deem appropriate. The vesting provisions of individual Options may vary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
SHARES SUBJECT TO RIGHT OF FIRST REFUSAL/PREEMPTIVE RIGHTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1
Notwithstanding anything to the contrary in the Articles of Association of the Company, none of the Optionecs shall have a right
of first refusal in relation with any sale of shares in the Company, nor shall Optionecs have preemptive rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2
Unless otherwise determined by the Committee, until such time as the Company shall complete an IPO, an Optionee shall not have
the right to sell Shares issued upon the exercise of an Option within six (6) months and one day of the date of exercise of such
Option or issuance of such Shares. Unless otherwise determined by the Committee, until such time as the Company shall complete
an IPO, the sale of Shares issuable upon the exercise of an Option shall be subject to a right of first refusal as set forth in
the Articles of Association of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
DIVIDENDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With respect to all Shares (but excluding, for avoidance of any doubt, any unexercised Options) allocated or
issued upon the exercise of Options purchased by the Optionee and held by the Optionee or by the Trustee, as the case may be,
the Optionee shall be entitled to receive dividends in accordance with the quantity of such Shares, subject to the provisions
of the </FONT>Company&rsquo;s Articles of Association (and all amendments thereto) and subject to any applicable taxation on
distribution of dividends, and when applicable subject to the provisions of Section 102 and the rules, regulations or orders
promulgated thereunder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1
No Option or any right with resPect thereto, purchasable hereunder, w&quot; ' iTEtiIEFfu&lsquo;i'iypaitiurm not, shall be assignable,
transferable or given as collateral or any right with respect to it given to any third party whatsoever, except as specifically
allowed under the ISOP, and during the lifetime of the Optionee each and all of such Optionee&lsquo;s rights to purchase Shares
hereunder shall be exercisable only by the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such action made directly or indirectly, for an immediate validation or for a future one, shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2
As long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares
are personal, cannot be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and
distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
 EFFECTIVE DATE AND DURATION OF THE ISOP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ISOP shall be effective as of the day it was adopted by the Board and shall terminate
at the end of ten (10) years from such day of adoption. The Company shall obtain the approval of the Company&rsquo;s shareholders
for the adoption of this ISOP or for any amendment to this ISOP, if shareholders&rsquo; approval is necessary-or desirable to
comply with any applicable law including without limitation the US securities law or the securities laws of other jurisdiction
applicable to Options granted to Optionees under this ISOP, or if shareholders&rsquo; approval is required by any authority or
by any governmental agencies or national securities exchanges including without limitation the US Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
AMENDMENTS OR TERMINATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Board may at any time, but when applicable, after consultation with the Trustee, amend, alter, suspend
or terminate the ISOP. No amendment, alteration, suspension or termination of the ISOP shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Company, which agreement must be in writing and signed by the Optionee
and the Company. Termination of the ISOP shall not affect the Committee&rsquo;s ability to exercise the powers granted to it hereunder
with respect to Options granted under the ISOP prior to the date of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
GOVERNMENT REGULATIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISOP, and the granting and exercise of Options hereunder, and the obligation of the Company to sell and deliver Shares under such
Options, shall be subject to all applicable laws, rules, and regulations, whether of the State of Israel or of the United States
or any other State having jurisdiction over the Company and the Optionee, including the registration of the Shares under the United
States Securities Act of 1933, and the Ordinance and to such approvals by any governmental agencies or national securities exchanges
as may be required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of
any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
CONTINUAN CE OF EMPLOYMENT OR HIRED SERVICES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither the ISOP nor the Option Agreement with the Optionee shall impose any obligation
on the Company or an Affiliate thereof, to continue any Optionee in its employ or service, and nothing in the ISOP or in any Option
granted pursuant thereto shall confer upon any Optionee any right to continue in the employ or service of the Company or an Affiliate
thereof or restrict the right of the Company or an Affiliate thereof to terminate such employment or service at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
GOVERNING LAW &amp; JURISDICTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IS OP shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts
made and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv,
Israel shall have sole jurisdiction in any matters pertaining to the ISOP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
TAX CONSEQUENCES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1
Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any
other event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be borne solely by the
Optionee. The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the requirements under the applicable
laws, rules, and regulations, including Withholding taxes at source. Furthermore, the Optionee shall agree to indemnify the Company
andlor its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest
or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20.2 The Company and/or, when applicable, the Trustee Shall not be required to
release any Share certificate to an Optionee until all required payments have been fully made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
NON-EXCLUSIVITY OF THE ISOP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The adoption of the ISOP by the Board shall not be construed as amending, modifying or rescinding
any previously approved incentive arrangements or as creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the granting of Options otherwise than under the ISOP, and
such arrangements may be either applicable generally or only in specific cases. For the avoidance of doubt, prior grant of options
to Optionees of the Company under their employment agreements, and not in the framework of any previous option plan, shall not
be deemed an approved incentive arrangement for the purpose of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
MULTIPLE AGREEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The terms of each Option may differ from other Options granted under the ISOP at the same time, or at any
other time. The Board may also grant more than one Option to a given Optionee during the term of the ISOP, either in addition
to, or in substitution for, one or more Options previously granted to that Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Execution Copy</I></B></P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B><U>EMPLOYMENT AGREEMENT</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>This
Employment Agreement</B></FONT> (this &ldquo;<B>Agreement</B>&rdquo;) is made and entered into on this 15 day of February
2016, by and between Therapix Biosciences Ltd., a public company organized under the laws of the State of Israel
(the &ldquo;<B>Company</B>&rdquo;) and Elran Haber, Israeli I.D No. 040092702 residing at 23 Pinhas Eylon St., Holon, Israel
(the &ldquo;<B>Employee</B>&rdquo;. The Company and Employee shall be sometimes referred to each as a
&ldquo;<B>Party</B>&rdquo; and collectively as the &ldquo;<B>Parties</B>&rdquo;).<U> </U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt">WHEREAS,</TD><TD STYLE="text-align: justify">the Company desires to employ Employee on the terms and conditions set forth herein and Employee
desires to be employed by the Company and enter into this Agreement on such terms and conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 84.95pt; text-align: justify; text-indent: -84.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 85.05pt"><FONT STYLE="font-family: Times New Roman,serif">WHEREAS</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the Employee was formerly employed by the
                                                                                                                         Company as VP Business Strategy, according to the terms and provisions of that certain Employment Agreement between the
                                                                                                                         Company and Employee, dated March 1, 2014, as amended on August 24, 2014 (the &quot;<B>Initial Employment Agreement&quot; </B>
                                                                                                                         and &quot;<B>Initial Employment</B>&quot;)</FONT><FONT STYLE="font-family: Miriam,sans-serif">;</FONT><FONT STYLE="font-family: Times New Roman,serif"> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 85.05pt">WHEREAS</TD><TD STYLE="text-align: justify">as requested by Employee and
                                         unless hereby amended, Company agrees to undertake all obligations towards the Employee
                                         with respect to employment benefits provided during the Initial Employment, including,
                                         without limitation, rights for severance pay, Manager's Insurance Plan, Study Plan and
                                         other employment benefits. The Option Agreements executed between the Company and Employee
                                         in connection with the Initial Employment, which are attached hereto as <B><U>Exhibit
                                         A1</U></B> and <B><U>Exhibit A2</U></B>, shall not be affected with the terms and conditions
                                         of this Agreements; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 85.05pt"><FONT STYLE="font-family: Times New Roman,serif">WHEREAS</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the Parties hereby agree that in the event that
the employment of Employee in accordance with the terms hereunder is not approved by the applicable corporate and regulatory organs,
the Initial Employment Agreement shall revert into full force and effect</FONT><FONT STYLE="font-family: Miriam,sans-serif">;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Miriam,sans-serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">NOW, THEREFORE, in consideration of the mutual
undertakings of the Parties, it is hereby agreed as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 0"><B><U>duties and responsibilities</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">1.1</TD><TD STYLE="text-align: justify; padding-right: 0">Commencing as of November 1, 2015 (the &ldquo;<B>Effective Date</B>&rdquo;),
Employee shall be employed by the Company as a CEO (the &ldquo;<B>Position</B>&rdquo;) and shall perform such duties and activities
as are customarily performed by a CEO of a company and as shall be assigned to Employee from time to time by the Company's Board
of Directors.<B> </B>Employee shall report directly to the Company&rsquo;s Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">1.2</TD><TD STYLE="text-align: justify; padding-right: 0">Employee shall devote his working time and best efforts to the business
and affairs of the Company and the performance of Employee's duties hereunder, and shall not undertake or accept any other employment
or paid occupation. Notwithstanding the aforesaid, Employee shall be entitled to serve as a board member of other companies in
a manner that does not conflict or otherwise affect his employment hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">1.3</TD><TD STYLE="text-align: justify; padding-right: 0">Employee shall be employed at the Company's facilities as shall be decided
by the Company&rsquo;s Board. Employee acknowledges and agrees that the performance of Employee's duties may also require travel
outside of Israel, at the Company's request and expense. Such expense shall include flight tickets, accommodation, applicable mobile
phone expenses and reasonable out-of-pocket expenses in connection with such travel.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.4</TD><TD STYLE="text-align: justify; padding-right: 0">Employee's liability towards the Company shall be that of an office holder
under the Companies Law-1999 and any other applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial,sans-serif; margin: 0 43.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 36pt"><B><U>TERM AND TERMINATION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 36pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.1.</TD><TD STYLE="text-align: justify; padding-right: 0.55pt">This Agreement and the employer-employee relationship created hereunder
shall enter into effect as of the Effective Date and shall remain in force and effect unless and until terminated as provided herein.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Miriam,sans-serif">2.2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.55pt"><FONT STYLE="font-family: Times New Roman,serif">Either Party may terminate
this Agreement by providing the other Party with ninety (90) days prior written notice (the &ldquo;<B>Notice Period</B>&rdquo;).
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Miriam,sans-serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.3.</TD><TD STYLE="text-align: justify; padding-right: 0.55pt">Notwithstanding anything to the contrary herein, the Company may terminate
this Agreement and the employer-employee relationship hereunder at any time, and without derogating from any other remedy to which
the Company may be entitled, for Cause (as hereinafter defined), by providing Employee written notice thereof. In such event, this
Agreement and the employer-employee relationship hereunder shall be deemed effectively terminated as of the date of delivery of
such notice.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">The term &ldquo;<B>Cause</B>&rdquo; shall
mean, but shall not be limited to: (i) a breach by Employee of any of the material terms or conditions of this Agreement, including
but not limited to Sections 4 and 5 below; or (ii) Employee's willful misconduct, or action of personal dishonesty, bad faith or
breach of trust towards the Company or any of its subsidiaries and/or affiliates; or (iii) the commission by Employee of a criminal
offense, or fraud against the Company and/or any of its subsidiaries and/or affiliates; or (iv) circumstances that deny Employee
to severance payment under any applicable law and/or under any judicial decision of a competent tribunal authority.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.4.</TD><TD STYLE="text-align: justify; padding-right: 0.55pt">During the Notice Period, Employee shall continue working and shall cooperate
with the Company and use his best efforts to assist the integration of the person or persons who will assume Employee's responsibilities.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">Notwithstanding,
the Company shall have the right, at any time during the Notice Period, to terminate the employment relationship immediately, in
which case the Company shall pay Employee the Salary due for the remaining period of the Notice Period, and the benefits set forth
in Section 3 below.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.5.</TD><TD STYLE="text-align: justify; padding-right: 0.55pt">Upon the earlier of (a) the date of termination of the Notice Period; and
(b) the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause
then immediately upon termination of employment), Employee shall return to the Company, at its principal office, any and all Company
equipment, property and documents in Employee's possession or control.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: none">2.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">Any outstanding payment due by Employee to the Company in connection
with Employee's employment shall be repaid by Employee by the earlier of (a) the date of termination of the Notice Period or (b)
the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause then
immediately upon termination of employment). Notwithstanding, the Company may set-off any such outstanding amounts due to it against
any payment due by the Company to Employee, subject to applicable law. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.7.</TD><TD STYLE="text-align: justify; padding-right: 0.55pt">The provisions of Sections 3.2.4 and 8.7 below and the provisions of the
Undertaking (as defined below), will remain in full force and effect after termination or expiration of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 0; text-align: justify; text-indent: 0pt"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><B><U>Salary and benefits</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">In full consideration for Employee's
services hereunder, Employee shall be entitled to the following payments and benefits, effective as of the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0">3.1</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><U>Salary</U></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">3.1.1</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Employee shall be entitled to a gross monthly salary of NIS 45,000 (the
&ldquo;<B>Salary</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">3.1.2</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Salary may be adjusted from time to time according to government directives
and other adjustments as may be required by applicable law.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">3.1.3</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">It is agreed between the Parties that the position that Employee holds within
the Company is a management position, which demands a special level of loyalty, and accordingly, the Work Hours and Rest Law&nbsp;(1951)
shall not apply to Employee's employment by the Company and this Agreement. Employee further acknowledges that the compensation
payable hereunder includes benefits that would otherwise not be due to Employee pursuant to applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">3.1.4</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Salary shall be payable monthly in arrears, in accordance with the Company's
usual practice, by the 9<SUP>th</SUP> day of the following calendar month.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 28.35pt; padding: 0; text-indent: 0">3.2</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><U>Manager's Insurance; Pension Fund</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; padding: 0; text-indent: 0">3.2.1</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Company shall insure Employee under an accepted Manager's Insurance
Policy (the &ldquo;<B>Policy</B>&rdquo;), and shall pay an amount equal to (i) 8.33% of the Salary on account of severance pay
payable to Employee upon severance in accordance with the provisions of this Agreement; and (ii) 5% or 6% (as required under applicable
law and the General Approval referred to below) of the Salary towards pension fund payments, subject to the deduction of 5% of
the Salary to be paid towards the Policy on behalf of Employee. In addition, the Company shall pay an amount equal to up to 2.5%
of the Salary towards disability insurance in favor of Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; padding: 0; text-indent: 0">3.2.2</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Employee may extend an existing policy or plan and/or incorporate it into
the Policy, at Employee's discretion. In the event the Employee elects to be insured under a pension plan, the allocations set
forth in Section 3.2.1 above shall be adjusted in accordance with the pension plans policies', <I><U>provided</U></I>, <I><U>however</U></I>,
that in any event payments by the Company shall not exceed the amounts set forth in Section 3.2.1 above. In addition, all contributions
and amounts under this Section 3.2 shall not exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and the regulations
thereunder, whereupon such amounts shall be decreased accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; padding: 0; text-indent: 0">3.2.3</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">During Employee's employment period with the Company, the Company shall
be the sole owner of the Policy. Other than as set forth below, in the event of a termination of this Agreement, the Company shall
transfer the title in and to the Policy to Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.8pt; text-align: right"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase">3.2.4</FONT></TD><TD STYLE="text-align: justify">The Company and Employee agree and acknowledge that transfer of ownership of the severance
portion of the &#9;Policy to the Employee as set forth in Section 3.2.3 above shall be lieu and not in addition to any entitlement
of the Employee under any applicable law or this Agreement to severance pay, according to the General Approval of the Minister
of Labor and Welfare, regarding<I> Employers&rsquo; Payments to Pension Funds and Insurance Policies in Lieu of Severance Pay
in Accordance with Section 14 of the Severance Pay Law 1963</I>, attached hereto as <B><U>Exhibit B</U></B> (the &ldquo;<B>General
Approval</B>&rdquo;). Accordingly, the Company hereby waives any rights to said payments made to the Policy, except as set forth
in the General Approval.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -36pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 63.8pt; text-align: justify; text-indent: -36pt"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Education Fund (<I>Keren Hishtalmut</I>)</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">The <FONT STYLE="letter-spacing: -0.15pt">Company
shall pay an amount equal to 7.5% of the Salary to an Education Fund (<I>Keren Hishtalmut</I>) designated by the Employee (the
&ldquo;<B>Education Fund</B>&rdquo;), and shall deduct from the Salary an amount equal to 2.5% of the Salary </FONT>on behalf
of Employee,<FONT STYLE="letter-spacing: -0.15pt"> and shall pay such amounts to the Education Fund. </FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Annual Recreation Allowance</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">Employee shall be
entitled to annual recreation allowance (<I>Dmei Havra'a</I>) according to applicable law.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Vacation</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman,serif">Employee
shall be entitled to 20 paid vacation days (business days) per year (the &ldquo;<B>Vacation Days</B>&rdquo;)</FONT> <FONT STYLE="font-family: Times New Roman,serif">in
accordance with the Annual Vacation Law &ndash; 1951. Each leave shall be coordinated with the direct manager in advance, with
adequate regard to the needs of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify"><FONT STYLE="text-transform: none">The
Employee will make every effort to exercise his Vacation Days; provided however, if the Employee is unable to utilize all the Vacation
Days by the end of a calendar year, he shall be entitled to accumulate the unused balance of the Vacation Days standing to his
credit up to the maximum amount permitted by law. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; text-transform: none">Subject
to applicable law, accrued vacation days shall not be redeemable by Employee</FONT><U> </U><FONT STYLE="font-family: Times New Roman,serif; text-transform: none">until
and subject to termination of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Sick Leave</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial,sans-serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman,serif">Employee
shall be entitled to paid sick leave pursuant to applicable law.</FONT> <FONT STYLE="font-family: Times New Roman,serif">Payments
by the Company of sick leave days in connection with disability payments shall be set-off against payments received by Employee
pursuant to Section 3.2 above.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.7</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Expenses</U>.</TD></TR></TABLE>

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<P STYLE="font: 10pt/normal Arial,sans-serif; margin: 0 3.55pt 0 28.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman,serif">In
addition to the Salary, the Company shall reimburse Employee for travel expenses and petrol.</FONT> <FONT STYLE="font-family: Times New Roman,serif">The
Company shall also reimburse the Employee for reasonable out-of-pocket expenses, provided that such expenses were approved in advance
in writing by the Company. Reimbursement of the expenses hereunder shall be made against delivery by Employee to the Company of
tax receipts or other appropriate supporting documentation satisfactory to the Company.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 3.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.8</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Mobile Phone</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 3.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">Employee
shall be entitled to NIS 300 (net) for each month for expenses related to mobile phone usage.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 3.55pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.9</TD><TD STYLE="text-align: justify; padding-right: 28.5pt"><U>Annual Bonuses.</U></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0pt">At the end of each
calendar year, Employee shall be entitled to a bonus, of up to six Salaries, subject to the recognition of the Board of Directors
(the &quot;<B>Board</B>&quot;) of the successful achievement of Company measureable objectives as shall be set forth in the Company's
annual work plan determined by the Board.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">3.10</TD><TD STYLE="text-align: justify; padding-right: 0"><U>Options</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt; padding-right: 0"></TD><TD STYLE="width: 36pt; padding-right: 0">3.10.1</TD><TD STYLE="text-align: justify; padding-right: 0">Subject to and following (i) the sole discretion and approval of the Board,
the shareholders of the Company and any applicable Company organs, law or regulation, if and to the extent required (ii) the Company's
Compensation Policy then in effect, or as otherwise determined by the Company and approved by the Company's relevant organs, (iii)
the adoption of an Employee Share Option Plan (the &quot;<B>Plan</B>&quot;) by the Board and its approval by the Israeli Tax Authorities
and the execution by Employee of an option agreement in a form approved by the Board, Employee shall be granted with an option
to purchase up to 700,000 Ordinary Shares of the Company, par value NIS 0.01 each, under the Plan (the &ldquo;<B>Option</B>&rdquo;).
The Option be subject to the provisions of the Plan, and shall vest over a 3 year period, on a quarterly basis. To the extent the
Employee's employment hereunder was terminated prior to an end of a quarter, Employee shall be entitled to the respective pro-rata
portion of the Option. Subject to the obtainment of all regulatory and corporate approvals, the exercise price of the Option shall
be in accordance with the provisions of Company's Compensation applicable to such determination of exercise price.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">Notwithstanding
anything to the contrary in the Plan, the exercise term of the Option shall be 180 days following Employee's termination of engagement
with the Company. The Option shall be further subject to a cashless mechanism.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt; padding-right: 0"></TD><TD STYLE="width: 36pt; padding-right: 0">3.10.2</TD><TD STYLE="text-align: justify; padding-right: 0">The vesting schedule provided above shall be accelerated and any unvested
portion of the Option shall become fully vested and exercisable immediately prior to (i) a Change of Control Event (as defined
below), provided, however, that only 50% of the unvested portion of the Option shall become fully vested and exercisable; (ii)
termination by Employee of his employment by the Company due to Good Reason (as defined below); (iii) the consummation of an initial
public offering on an additional stock exchange or an uplisting; or (iv) termination by Company of Employee's employment hereunder
without Cause.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">&quot;<B>Change
of Control Event</B>&quot; means (i) merger or consolidation with another entity where the voting securities of the company outstanding
immediately before the transaction constitute less than a majority of the voting power of the voting securities of the company
or the surviving entity outstanding immediately after the transaction; or (ii) the sale or disposition of all or substantially
all of the Company&rsquo;s assets; which shall take place within 12 months as of Employee's appointment as the Company's CEO.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">&quot;<B>Good Reason</B>&quot;
means (i) change in Employee's Position with the Company or its successor that materially reduces Employee's title, duties or level
of responsibility; or (ii) material change in the Company's business.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 92.7pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt; padding-right: 0"></TD><TD STYLE="width: 36pt; padding-right: 0">3.10.3</TD><TD STYLE="text-align: justify; padding-right: 0">The grant of the Option shall be subject to the obtainment by the Company
of all (i) applicable corporate approvals, including, without limitation, approvals by the Board and the shareholders of the Company;
and (ii) completion of appropriate filings with and obtainment of the required approvals of the Israeli Securities Authority, the
Tel Aviv Stock Exchange and the OTCQB, to the extent required.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt; padding-right: 0"></TD><TD STYLE="width: 36pt; padding-right: 0">3.10.4</TD><TD STYLE="text-align: justify; padding-right: 0">In case a regulatory approval (if indeed shall be required) is not obtained,
for reasons beyond the Company&rsquo;s control, this shall not be considered to be a breach by the Company of this agreement, Employee
shall not hold any demand, allegations or claims against the Company in connection with the Company's failure to obtain such regulatory
approval.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt; padding-right: 0"></TD><TD STYLE="width: 36pt; padding-right: 0">3.10.5</TD><TD STYLE="text-align: justify; padding-right: 0">Nothing herein shall be construed as an obligation to grant any options
to the Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 92.7pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">3.11</TD><TD STYLE="text-align: justify; padding-right: 0">Any and all benefit, right or payment to which Employee is entitled pursuant
to this Agreement shall be calculated based on the Salary only, excluding any additional compensation, payment or reimbursement
payable to Employee hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">3.12</TD><TD STYLE="text-align: justify; padding-right: 0">Employee will bear any and all taxes applicable to Employee in connection
with amounts paid by Employee and/or the Company pursuant to this Section 3. The Company shall legally deduct and withhold income
tax payments and other obligatory payments, such as social security and mandatory health insurance, from all of the payments which
shall be paid to Employee hereunder and pursuant to applicable law, including all taxes imposed on any benefits granted to Employee
and on any part of the benefits which exceeds maximum exemption(s) provided by law.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0"><FONT STYLE="letter-spacing: -0.15pt">3.13</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="letter-spacing: -0.15pt">In the event that contributions or
amounts set forth hereinabove in connection with the social benefits shall exceed tax exempt amounts pursuant to the Israeli Income
Tax Ordinance and/or the regulations promulgated thereunder, then the Employee shall bear any and all taxes imposed thereupon.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 28.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0"><B>4.</B></TD><TD STYLE="text-align: justify; padding-right: 0"><B><U>CONFIDENTIALITY, proprietary RIGHTS AND NON-COMPETITION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -1.4pt">Upon execution
hereof, Employee shall execute and deliver the Confidentiality, Proprietary Rights and Non-Competition Undertaking attached hereto
as <B><U>Exhibit C</U></B> (the &ldquo;<B>Undertaking</B>&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -1.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman Bold,serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><FONT STYLE="font-family: Times New Roman,serif"><B><U>Employee</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Bold,serif">
Representations and Warranties</FONT></U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.55pt 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -1.4pt"><FONT STYLE="font-weight: normal; text-transform: none">Employee
hereby represents and warrants to the Company as follows: </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">5.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">Employee has the necessary skills, knowledge,
ability, expertise and experience to fulfill his/her obligations hereunder, shall do so diligently, professionally and conscientiously
and shall comply with the regulations and procedures of the Company. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">5.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">The execution and delivery of this Agreement
and the fulfillment of the terms hereof will constitute the valid, binding and enforceable obligations of Employee and will not
violate, conflict with or constitute a default under or breach of any agreement and/or undertaking and/or instrument, judgment
or order to which the Employee is a party or by which he is bound, or any provision of law, rule or regulation applicable to the
Employee, and do not require the consent of any person or entity. In the performance of Employee's obligations hereunder, Employee
will not make use of (i) any confidential or proprietary information belonging to any third party, or (ii) any information to which
Employee is restricted from disclosing or using due to contractual undertakings or by law. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">5.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">Employee will not accept, whether during
the term of this Agreement or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration,
from any third party in connection with Employee's employment with the Company, without the Company's prior written authorization.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">5.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">In the performance of Employee's duties
hereunder, Employee shall comply with all applicable laws and regulations, including, inter alia, the Company Internal Compliance
Plan (as defined below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase"><B>6.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 36pt"><FONT STYLE="text-transform: uppercase"><B><U>Compensation
                                         Policy</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 36pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">6.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">Employee declares and confirms, that he
is familiar and aware that the Company has adopted a compensation policy pursuant to the provisions of the Companies Law 5759-1999
(the &quot;</FONT><FONT STYLE="text-transform: none">Compensation Policy<FONT STYLE="font-weight: normal">&quot;, and the &quot;</FONT>Law<FONT STYLE="font-weight: normal">&quot;,
respectively), and that the terms of this Agreement are subject to and shall be aligned with the provisions and guidelines of the
Compensation Policy in force, unless otherwise determined from time to time by the Company and approved by the Company's relevant
organs. </FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">6.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">In the event that this Agreement and/or
any of its provisions shall be proclaimed and/or considered by a competent authority not aligned with the Compensation Policy and
not in accordance with the provision of the Law (&quot;</FONT><FONT STYLE="text-transform: none">Conflicting Provision<FONT STYLE="font-weight: normal">&quot;),
then the parties shall cooperate to adjust any Conflicting Provision with the Compensation Policy or to approve such Conflicting
Provisions by the Company's relevant organs, in accordance with applicable law and regulations.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">6.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">Without derogating from the Employee&rsquo;s
rights under this Agreement, in the event that the abovementioned adjustment is not achievable, the Employee shall not have any
demand, allegations or claims against the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">6.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">Without derogating from the provisions
of the Compensation Policy, to the extent that any amount or fees paid to the Employee hereunder shall be revealed, within three
(3) years of the payment thereof, to have been paid based on erroneous calculations that have been restated in the Company's financial
statements, the Employee shall repay the Company amount paid in excess as aforesaid; all in accordance with the provisions of the
Compensation Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-transform: uppercase; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>Securities
                                         Internal Compliance Plan; Insider Trading Policy</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">Employee declares and
confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance Plan (the &quot;<B>Internal
Compliance Plan</B>&quot;), and is familiar with its terms, obligations and restrictions, and shall act in accordance with the
provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from time to time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0"><FONT STYLE="text-transform: uppercase"><B>8.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="text-transform: uppercase"><B><U>Miscellaneous</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 36pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-weight: normal; text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">8.1.</TD><TD STYLE="text-align: justify; padding-right: 0">The Company shall insure Employee under the Company's officers&rsquo; insurance
policy, in accordance with its terms.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">8.2.</TD><TD STYLE="text-align: justify; padding-right: 0">Subject to the obtainment of all corporate and regulatory approvals, to the
extent required, Employee shall be entitled to exemption and indemnification in connection with the performance of his employment
hereunder, in accordance with the Exemption and Indemnification Letters in the forms previously approved by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 3.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">8.3.</TD><TD STYLE="text-align: justify; padding-right: 0">This Agreement shall not invoke the provisions of any collective bargaining
agreement (Heskem Kibutsi), collective arrangement (Hesder Kibutzi), extension orders (Tzavei Harhava) or any other law, except
and only to the extent so mandated by law.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">8.4.</TD><TD STYLE="text-align: justify; padding-right: 0"><U>Preamble; Exhibits; Headings; Interpretation</U>. The preamble to this
Agreement, and the Exhibits attached hereto, constitute an integral part hereof. Section headings contained herein are for reference
and convenience purposes only and shall not in any way be used for the interpretation of this Agreement.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-right: 0"></TD><TD STYLE="width: 28.35pt; padding-right: 0">8.5.</TD><TD STYLE="text-align: justify; padding-right: 0"><U>Entire Agreement</U>. The Parties confirm that this is a personal services
contract and that the relationship between them shall not be subject to any general or special collective employment agreement
or any custom or practice of the Company in respect of any of its other employees or contractors. This Agreement, together with
the Exhibits hereto, constitute the entire agreement between the parties with respect to the subject matters hereof and thereof
and supersede all prior agreements, understandings and arrangements, oral or written, between the parties with respect to the subject
matters hereof and thereof.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.6.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><U>Amendment; Waiver</U>. Any term of this Agreement may be amended only
with the written consent of the Parties. The observance of any term hereof may be waived (either prospectively or retroactively
and either generally or in a particular instance) only with the written consent of the Party against which such waiver is sought.
No waiver by either Party at any time to act with respect to any breach or default by the other Party of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 3.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.7.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><U>Successors and Assign; Assignment</U>. This Agreement shall be binding
upon and shall inure to the benefit of the Company, its successors and assigns. Neither this Agreement or any of the Employee's
rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred by
Employee without the prior consent in writing of the Company, except by will or by the laws of descent and distribution. The Company
may freely assign and/or transfer this Agreement and any of its rights, privileges, or obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 3.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.8.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><U>Governing Law; Jurisdiction</U>. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Israel, without giving effect to the rules with respect to conflicts-of-law.
Any dispute arising out of, or relating to this Agreement, its interpretation or performance hereunder shall be resolved exclusively
by the competent court of the Tel Aviv-Jaffa district, and each of the parties hereby submits exclusively and irrevocably to the
jurisdiction of such court.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.9.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><U>Severability</U>. If any term or provision of this Agreement shall be
declared invalid, illegal or unenforceable, then such term or provision shall be enforceable to the extent that a court shall deem
it reasonable to enforce such term or provision and, if any such term or provision shall be held by any competent court to be unreasonable
to enforce to any extent, such term or provision shall be severed and all remaining terms and provisions shall be unaffected and
shall continue in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 3.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.10.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><U>Notices</U>. Each notice and/or demand given by a party pursuant to this
Agreement shall be in writing and sent by registered mail to the other party at the address appearing in the caption of this Agreement,
and such notice and/or demand shall be deemed given at the expiration of seven (7) days from the date of mailing by registered
mail or immediately if delivered by hand. Such address shall be effective unless notice of a change in address is provided by registered
mail to the other party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 3.5pt 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.11.</TD><TD STYLE="text-align: justify; padding-right: 3.5pt">The execution, delivery and performance of this Agreement is subject to the
obtainment of all applicable corporate and regulatory approvals, if and to the extent necessary.</TD></TR></TABLE>

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remainder of this page was intentionally left blank</FONT>]</P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">[<FONT STYLE="font-size: 10pt"><I>Signature Page
to Employment Agreement</I></FONT>]</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the parties have executed
this Employment Agreement as of the day and year first above written:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Therapix Biosciences Ltd.</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Dr. Elran Haber</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix
    Biosciences Ltd.</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dr.
    Elran Haber</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unofficial
translation from Hebrew original)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A
General Approval regarding Employers' Payments to a Pension Fund and Insurance Fund in lieu of Severance Pay<SUP>1</SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the authority vested in me under Section 14 of the Severance Pay Law - 1963 (the &quot;Law&quot;), I hereby confirm that the
payments paid by an employer effective with publication date of publication of this approval for his employees to a comprehensive
pension in a provident fund that is not an insurance fund within the meaning of the Income Tax Regulations (rules on the approval
and management of provident funds) - 1964 (the &quot;Pension Fund&quot;), or to managers' insurance including the possibility
of an annuity or a combination of payments to annuity plan and to a plan that is not for a pension in such insurance fund (the
&quot;Insurance Fund&quot;), including payments paid through a combination of payments to a pension and Insurance Funds, whether
or not there is a pension plan in the Insurance Fund (the &quot;Employer Payments&quot;), will be in lieu of the severance pay
due to the employee in respect of the salary from which said payments were made and for the period payments were made (the &ldquo;Exempt
Wage&rdquo;) provided that all of the following were met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employer
                                         Payments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         a pension fund, payments that are not less than 14 1/3% of the Exempt Wage or 12% of
                                         the Exempt Wage if the employer pays for his employee payments in addition to supplement
                                         severance pay to the severance pay fund or to insurance fund in the name of employee
                                         at a rate of 2 1/3% of the Exempt Wage. If the employer does not pay in addition to 12%
                                         the 2 1/3% as above, the payments will be in lieu of only 72% of the employee's severance
                                         pay;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         an insurance fund, payments that are not less than one of the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13
                                         1/3% of the Exempt Wage if the employer pays for his employee also payments to secure
                                         monthly income in the event of work disability in a plan approved by the commissioner
                                         of capital market and insurance and savings in the Ministry of Finance at a rate required
                                         to secure at least 75% of the Exempt Wage or 2.5% of the Exempt Wage, whichever is lower
                                         (&quot;Payment for Work Disability Insurance&quot;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11%
                                         of the Exempt Wage if the employer paid insurance payments for work disability insurance
                                         and in this case the Employer Payments will be in lieu of 72% of the severance pay of
                                         the employee provided that; the employer paid in addition to these payments also payments
                                         for supplementing the severance pay severance to severance pay fund or to an insurance
                                         fund in the name of the employee at the rate of 2 1/3% of the Exempt Wage, the Employer
                                         Payments will be in lieu of 100% of the employee's severance pay.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
                                         later than three months after making the Employer Payments, a written agreement entered
                                         into between the employer and the employee containing the following &ndash;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)
    </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the employee's consent
    to the arrangement according to this approval under the version specifying the payments of the employer and the pension fund
    and insurance fund, as the case may be; the agreement also shall include the version of this approval;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a waiver of the
    employer in advance of any right it may have for a refund of monies from his payments unless the employee's right to severance
    pay was denied in a ruling under section 17 of the Law and to the extent such right was denied, or in the event that the employee
    withdrew money from the pension fund or the insurance fund not due to a qualifying event; In this regard, &quot;qualifying
    event&quot; - death, disability, or retirement at age of sixty or more.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         approval does not derogate from the employee's severance pay right under the Law, collective
                                         agreement, expansion order or labor agreement in respect of wages in excess of the Exempt
                                         Wage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><SUP>1</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Law published 5758, 4394; 5760, 5; 5761, 1949.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B><U>EXHIBIT C</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman,serif"><B><U>CONFIDENTIALITY,
</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Bold,serif; text-transform: uppercase">proprietary</FONT><FONT STYLE="font-family: Times New Roman,serif">
RIGHTS AND NON-COMPETITION UNDERTAKING</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following Undertaking confirms certain terms of
my employment with <B>Therapix Biosciences Ltd.</B> (for the purpose of this Undertaking, including its subsidiaries, parent companies
and/or affiliated entities, the &ldquo;<B>Company</B>&rdquo;), which is a material part of the consideration for my employment
by the Company and the compensation received by me from the Company from time to time. Capitalized terms not defined herein shall
have the meaning ascribed to them in the Employment<B> </B>Agreement to which this Undertaking is attached (the &ldquo;<B>Employment
Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase"><B>1.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><FONT STYLE="text-transform: uppercase"><B><U>Confidentiality</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.1.</TD><TD STYLE="text-align: justify">I acknowledge that in the course of my employment with the Company I may (or may have) receive(d),
learn(ed), be(en) exposed to, obtain(ed), or have (had) access to non-public information relating to the Company, its business,
operations and activities, including without limitation any commercial, financial, business or technical information, inventions,
developments, processes, specifications, technology, know-how and trade secrets, information regarding marketing, operations, plans,
activities, customers, suppliers, business partners, subsidiaries, parent companies, affiliated entities etc. (&ldquo;<B>Confidential
Information</B>&rdquo;), and hereby undertake: <I>(a)</I>&nbsp;to maintain the Confidential Information in strict confidence at
all times and not to communicate, publish, reveal, describe, allow access to, divulge or otherwise disclose, expose or make available
the Confidential Information in whole or in part, to any person or entity, all whether directly or indirectly, and whether in writing
or otherwise; and <I>(b)</I>&nbsp;not to use the Confidential Information for any purpose other than for the performance of my
employment obligations. I further recognize that the Company may receive confidential or proprietary information from third parties,
subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited
purposes. Such information shall also be deemed &ldquo;Confidential Information&rdquo; hereunder, <I>mutatis mutandis</I>.<U> </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.2.</TD><TD STYLE="text-align: justify">In addition, I represent and warrant that I will keep the terms and conditions of the Employment
Agreement and this Undertaking strictly confidential and will not disclose it to any third person unless and to the extent required
by applicable law and subject to prior written notice to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.3.</TD><TD STYLE="text-align: justify">Upon the earlier of the Company's request or the termination of my employment, I shall return to
the Company any and all documents and other tangible materials containing Confidential Information, and shall erase or destroy
any computer or data files in my possession containing Confidential Information, such that no copies or samples of Confidential
Information shall remain with me.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.4.</TD><TD STYLE="text-align: justify">Without derogating from the above, all Confidential Information made available to, received by,
or generated by me shall remain the property of the Company (or its respective owners), and no license or other right in or to
the Confidential Information is granted hereby. Any and all material (including without limitation, files, records, documents,
design, drawings, specifications, equipment, notebooks, notes, memoranda, diagrams, blueprints, bulletins, formula, reports, analyses,
computer programs, software) and data of any kind relating to Confidential Information and/or Proprietary Rights (as defined below),
whether prepared by the undersigned or otherwise coming or having come into my possession, and whether or not marked or classified
as Confidential Information, shall remain the exclusive property of the Company (or its respective owners).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><FONT STYLE="text-transform: uppercase"><B><U>Proprietary
                                         Rights</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase">2.1.</FONT></TD><TD STYLE="text-align: justify">I acknowledge and agree that any and all discoveries, inventions, ideas, developments, technology,
products, improvements, derivations, modifications, mask works, trade secrets, concepts, ideas, techniques, methods, processes
materials, proceeds, know-how, designs, works of authorship, and proprietary information, whether or not patentable or otherwise
protectable, invented, made, developed, discovered, conceived, conducted, reduced to practice, written, authored, compiled, produced
and/or created, in whole or in part, by me, independently or jointly with others, (i)&nbsp;during my employment with the Company;
or (ii) which result or arise from or relate to my employment with the Company, or work performed by or for the Company, or any
Confidential Information; or (iii) with the use of any Company equipment, supplies, facilities, trade secrets or proprietary information
of the Company; or (iv) which relate to the Company's business, technology or research and development, including any &ldquo;Service
Inventions&rdquo;, as defined in the Israeli Patent Law &ndash; 1967, (collectively, the &ldquo;<B>Inventions</B>&rdquo;), and
any and all right, title and interest in and to the Inventions, including without limitation, all patents, copyrights, trademarks,
trade names, moral rights and other intellectual, industrial and/or proprietary rights and applications, extensions and renewals
associated therewith (collectively and together with the Inventions, the &ldquo;<B>Proprietary Rights</B>&rdquo;), shall be the
sole and exclusive property of the Company its successors and assigns, as shall be designated by the Company. My aggregate compensation
terms in connection with my employment with the Company, include specific compensation for the assignment of such Proprietary Rights
to the Company and I shall have no title, rights, claims or interest whatsoever in or with respect to the Proprietary Rights and
specifically waive any right for additional compensation pursuant to Section 134 of the Israeli Patent Law - 1967. All works authored
by me pursuant to the Employment Agreement, including without limitation the Inventions, shall be deemed &ldquo;work made for hire&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase">2.2.</FONT></TD><TD STYLE="text-align: justify">I hereby irrevocably and unconditionally transfer and assign to the Company any and all of my rights,
title and interest, now and hereafter acquired, in and to the Proprietary Rights, (without any payments, liabilities or restrictions
to any person or third party) in any and all media now known or hereafter devised, and all claims and causes of action of any kind
with respect to any of the foregoing, throughout the world in perpetuity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">In the event that pursuant
to any applicable law I retain any rights in and to the Proprietary Rights that cannot be assigned to the Company, I hereby unconditionally
and irrevocably waive the enforcement of all such rights, and all claims and causes of action of any kind with respect to any of
the foregoing and agree, at the request and expense of the Company, to consent to and join in any action to enforce such rights
and to procure a waiver of such rights from the holders of such rights, if any.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">In the event that I retain
any rights in and to Proprietary Rights that cannot be assigned to the Company and cannot be waived, I hereby grant the Company
an irrevocable, exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform, modify, change, reproduce,
publish and distribute, with the right to sublicense and assign such rights, and all claims and causes of action of any kind with
respect to any of the foregoing, in and to the Proprietary Rights, in any way the Company sees fit and for any purpose whatsoever.
Without derogating from the above, I hereby forever waive and agree never to assert any and all rights of paternity or integrity,
any right to claim authorship of any Invention, to object to any distortion, mutilation or other modification of, or other derogatory
action in relation to any Invention, and any similar right.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.3.</TD><TD STYLE="text-align: justify">I will promptly disclose to the Company fully and in writing all Inventions but will otherwise
keep the Inventions in strict confidence in accordance with the provisions of Section 1 above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.4.</TD><TD STYLE="text-align: justify">I further agree and undertake to take all necessary measures and to fully cooperate with the Company,
during and after the term of my employment, in order to perfect, enforce, and/or defend the Proprietary Rights, and effectuate
the Company's title and interest therein, including without limitation as follows: <I>(i)</I>&nbsp;to keep accurate records relating
to the conception and reduction to practice of all Proprietary Rights, which records shall be the sole and exclusive property of
the Company and shall be surrendered to the possession of the Company, immediately upon their creation; and <I>(ii)</I>&nbsp;to
provide the Company with all information, documentation, and assistance, including the preparation or execution, as applicable,
of documents, declarations, assignments, drawings and other data, all such information, documentation, and assistance to be provided
at no additional expense to the Company, except for out-of-pocket expenses incurred by me at the Company's request or with the
Company's prior written consent. Without derogating from any of my obligations hereunder, I hereby appoint any officer of the Company
as my duly authorized agent to execute, file, prosecute and protect the same before any government agency, court or authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="text-transform: uppercase"><B>3.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><FONT STYLE="text-transform: uppercase"><B><U>Non-Competition</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin: 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.1.</TD><TD STYLE="text-align: justify">I agree and declare that, so long as I am employed by the Company and for a period of six (6) months
thereafter, I will not, directly or indirectly, <I>(i)</I> engage in, participate, assist or become financially interested in,
any business venture worldwide that is engaged in any activity competing with or similar to the business or technology of the Company
as currently conducted and as proposed to be conducted from time to time; <I>(ii)</I> employ or otherwise engage, recruit or otherwise
solicit, induce or influence any person to leave the employment or service of the Company; and <I>(iii)</I> solicit or encourage
any customer, supplier or service provider to terminate or modify adversely its business relationship with the Company or otherwise
intervene in any relationship between the Company and any of its employees, contractors, suppliers or consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.2.</TD><TD STYLE="text-align: justify">I expressly acknowledge that the business objectives and targeted operating market of the Company
are worldwide, and consequently the obligations prescribed in this Section&nbsp;3 shall apply on a worldwide basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">For the purposes of this
Section&nbsp;3, &ldquo;<B>directly or indirectly</B>&rdquo; includes doing business as an owner, partner, joint venturer, an independent
contractor, shareholder, director, officer, manager, broker, agent, employee, service provider or advisor, licensor or in any other
capacity whatsoever, but does not include holding up to 5% of the free market shares of any publicly traded companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.3.</TD><TD STYLE="text-align: justify">I hereby acknowledge that the provisions of this Section&nbsp;3 are reasonable to legitimately
protect Confidential Information, Proprietary Rights and Company property (including intellectual property and goodwill) to which
I, in my position in the Company, have been and will continue to be exposed, and that my compensation under the Employment Agreement
incorporates special consideration with respect for these non-competition undertaking.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>4.</B></TD><TD STYLE="text-align: justify; padding-right: 28.35pt"><B><U>General</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.1.</TD><TD STYLE="text-align: justify">The undersigned understands and agrees that monetary damages would not constitute a sufficient
remedy for any breach or default of the obligations contained in this Undertaking, and that the Company shall be entitled, without
derogating from any other remedies, to seek injunctive or other equitable relief to remedy or forestall any such breach or default
or threatened breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.2.</TD><TD STYLE="text-align: justify">The provisions of the Employment Agreement relating to term and termination and the general provisions
thereof shall apply to this Undertaking, <I>mutatis mutandis</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman Bold,serif; text-transform: uppercase">In
witness whereof</FONT>, I hereby affix my name and signature, on this [__]<SUP> </SUP>day of __________, 2016.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman,serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Elran Haber</FONT></TD>
    <TD STYLE="width: 60%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Elran Haber</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0; text-align: center"><U>1<SUP>st</SUP> Amendment Of Employment
Agreement</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">This
1<SUP>st</SUP> Amendment (the &quot;<U>Amendment</U>&quot;) is </FONT>made and entered into on<FONT STYLE="font: 10pt Times New Roman,serif">
this 17 day of April, 2016, by and between Therapix Biosciences Ltd., </FONT>a public company organized under the laws of the
State of Israel<FONT STYLE="font: 10pt Times New Roman,serif"> (the &quot;<U>Company</U>&quot;), and </FONT>Dr.
Elran Haber, ID no. 040092702 (the &ldquo;<U>Employee</U>&rdquo;)<FONT STYLE="font: 10pt Times New Roman,serif">.
</FONT>The Company and the Employee may be referred to collectively as the &ldquo;<U>Parties</U>&rdquo; and each as a &ldquo;<U>Party</U>&rdquo;<FONT STYLE="font: small-caps 10pt Times New Roman,serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman,serif"><B>WHEREAS</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the Company and the Employee
have entered into an Employment </FONT>Agreement<FONT STYLE="font: 10pt Times New Roman,serif">, dated February
15, 2016 (the <B>&quot;</B><U>Agreement</U><B>&quot;</B>); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman,serif"><B>WHEREAS</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">t</FONT>he Employee requested
to amend the Agreement as further set forth herein, and Company agreed to such amendment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif"><B>NOW
THEREFORE, </B></FONT>in consideration of the mutual promises contained herein, and intending to be legally bound, the parties
hereby declare and agree as follows<FONT STYLE="font: 10pt Times New Roman,serif">:&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Capitalized terms used and not
otherwise defined herein shall </FONT>bear the respective meanings ascribed to them in the Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">Section 3.2.1 to the Agreement shall be deleted and replaced in its entirety with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><I>&quot;The Company
shall insure Employee under an accepted Manager's Insurance Policy (the &ldquo;<U>Policy</U>&rdquo;), and shall pay the Employee
the following amounts: </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><I>(i)</I></TD><TD STYLE="text-align: justify"><I>The sum equal to 8.33% of the Salary on account of severance pay payable to Employee upon severance
in accordance with the provisions of this Agreement; and </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><I>(ii)</I></TD><TD STYLE="text-align: justify"><I>The sum equal to 5% or 6% of the Salary (the &ldquo;<U>Contributions Sum</U>&rdquo;), whereby
out of said Contributions Sums - an amount equals to 5% or 6% of the Exempted Income (as defined below) shall be paid towards Employee&rsquo;s
pension fund (as required under applicable law and the General Approval referred to below) (the &ldquo;<U>Company&rsquo;s Pension
Contributions Sum</U>&rdquo;), subject to the deduction of an amount equal to 5% or 5.5% of the said Exempted Income, to be paid
towards the Policy on behalf of and by the Employee (the &ldquo;<U>Employee&rsquo;s Pension Contributions Sum</U>&rdquo;; and together
with the Company&rsquo;s - the &ldquo;<U>Total Pension Contributions Sums</U>&rdquo;). </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0pt"><I>The &quot;<U>Exempted
Income</U>&quot; shall mean the &quot;ceiling amount&quot; (&quot;&#1505;&#1499;&#1493;&#1501; &#1492;&#1514;&#1511;&#1512;&#1492;&quot;)
as stated in Section (e3)(1) of the Income Tax Ordinance [New Version] 5721-1961, as shall be amended from time to time. </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0pt"><I>For the avoidance
of doubt, it is clarified that the excess between the Contributions Sum and the Company&rsquo;s Pension Contribution Sum, shall
be regarded part of the Employee&rsquo;s Salary, in such manner, which reflects the fact that the over-all costs to the Company
('&#1506;&#1500;&#1493;&#1514; &#1502;&#1506;&#1489;&#1497;&#1491; &#1499;&#1493;&#1500;&#1500;&#1514;') under this section is
not changed in any way simply for deducting Company&rsquo;s Pension Contribution Sum from the Exempted Income rather than from
the Salary.&quot; </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>In addition, the Company shall pay an amount equal to up to 2.5% of the Salary towards disability
insurance in favor of Employee.&rdquo;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36pt"><I></I></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">Section 5.5 shall be added to the Agreement, as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><I>&quot;Without derogating
from the above, in the event that, notwithstanding the Employee's representations and undertakings hereunder, the Employee or anyone
on his behalf shall argue, or a court of competent jurisdiction shall determine, the existence of any right, remedy or lawful claim
against the Company with respect to the payment towards pension fund under Section 3.2.1(ii) (a &ldquo;<U>Claim</U>&rdquo;) , then
the following provisions shall apply: (i) the Employee's monthly Salary shall be considered to have been retroactively diminished
to the sum equal to 90% (ninety percent) of the sum of the Employee&rsquo;s monthly Salary (the &ldquo;<U>Diminished Salary</U>&rdquo;);
and (ii) the Employee shall pay back the Company any sum or salary paid in excess within the period determined under said Claim
assuming Employee&rsquo;s Salary was originally the Diminished Salary. The Company shall be entitled to set-off any amount due
to it pursuant to this Section 5.5 from any amount due to Employee pursuant to this Agreement.&quot;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">Employee represents and warrants to the Company that (a) this Amendment is made at Employee's own
will and at his request; (b) Employee was advised by the Company to consult with legal and all other relevant advisors with respect
to this Amendment, and he understands the entire meaning and scope of implications of this Amendment, including without derogating
the generality of the aforesaid, any implications on Employee&rsquo;s accumulated pension funds under the Policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">The Agreement, as amended hereby, shall continue in full force and effect as originally constituted
and is hereby ratified and affirmed by the Parties. Any contradiction in meaning and/or interpretation between the Agreement and
this Amendment shall have the meaning and/or be interpreted in light of this Amendment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: -2.15pt"><I>[Signature Page to Follow]</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: -2.15pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: -2.15pt"><I></I></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: -2.15pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the parties have duly executed
this Amendment as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dr. Elran Haber</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Therapix Biosciences Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Elran Haber</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
    Biosciences Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<TYPE>EX-10.8
<SEQUENCE>10
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.8</B></FONT></P>

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<P STYLE="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
Copy</FONT></P>



<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSULTING
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CONSULTING AGREEMENT (this &quot;<U>Agreement</U>&quot;) is made as of this 29 day of November (the &quot;<U>Effective Date</U>&quot;),
by and between Therapix Biosciences Ltd., a company organized under the laws of the State of Israel (the &quot;<U>Company</U>&quot;)
with registered address at Azrieli Center, 27<SUP>th</SUP> floor, Tel-Aviv 67025, Israel, and Doron Ben-Ami ,ID no. 57690653 (the
&quot;<U>Consultant</U>&quot;). The Company and the Consultant shall sometimes be referred to, each as a &quot;<U>Party</U>&quot;
and collectively, as the &quot;<U>Parties</U>&quot;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company desires to engage the Consultant as its
Chief Strategy Officer and the Consultant desires to serve the Company in such position, on the terms and conditions hereinafter
set forth.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, based on the representations contained herein and in consideration of the mutual promises and covenants set forth
herein, the Parties agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Services</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
                                         as of the Effective Date, the Consultant will perform such services and will have such
                                         duties, authorities and responsibilities as are consistent with the position of Chief
                                         Strategy Officer, reporting directly to the CEO. Such services, together with any other
                                         services and tasks assigned to the Consultant from time to time and agreed upon with
                                         the Consultant in advance, shall be referred to herein as the &quot;<U>Services</U>&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         shall devote his attention, know-how, energy, talent, experience and best efforts to
                                         the performance of the Services under this Agreement and the business and affairs of
                                         the Company. Consultant shall be engaged in the position of Chief Strategy Officer on
                                         a part-time basis, such that Consultant shall devote 20% (Twenty percent) of his working
                                         time to the business and affairs of the Company and the performance of his duties and
                                         obligations hereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         shall be available from time to time for consultations by telephone and email, for weekly
                                         teleconferences with the Company and/or meetings with third parties as shall be required
                                         by the Company and coordinated in advance with Consultant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Parties agree that Consultant shall be an independent contractor of the Company and in
                                         no event shall an employer-employee or principal-agent relationship be established between
                                         the Company and Consultant. Consultant acknowledges and undertakes that it shall not
                                         represent itself as an agent of the Company, except to the extent expressly authorized
                                         by the Company's Board of Directors (the &quot;<U>Board</U>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Parties agree that the execution and delivery of this Agreement and any provision hereof
                                         shall be subject to the approval of the Company's relevant corporate organs and all applicable
                                         laws and regulations, including, without limitation, approvals of the Israeli Securities
                                         Authority and the Tel Aviv Stock Exchange Ltd., (and the OTCQB, if required), and nothing
                                         herein shall be construed deemed a breach of this Agreement in the event that such required
                                         approval is not obtained.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Representations
                                         and Warranties</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         hereby represents, warrants and covenants to the Company, and acknowledges that the Company
                                         is entering into this Agreement in reliance thereon, as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         has the necessary skills, knowledge and experience to fulfill Consultant&rsquo;s obligations
                                         hereunder, shall do so diligently, professionally and conscientiously and shall use Consultant&rsquo;s
                                         best efforts in the performance thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         execution and delivery of this Agreement and the fulfillment of the terms hereof will
                                         constitute the valid, binding and enforceable obligations of Consultant and will not
                                         violate, conflict with or constitute a default under or breach of any agreement and/or
                                         undertaking and/or instrument, judgment, order, writ or decree to which Consultant is
                                         a party or by which he is bound, or any provision of law, rule or regulation applicable
                                         to Consultant, including without limitation, any confidentiality or non competition agreement,
                                         and do not require the consent of any person or entity. In the performance of Consultant&rsquo;s
                                         obligations hereunder, Consultant will not make use of (i) any confidential or proprietary
                                         information belonging to any third party, or (ii) any information which Consultant is
                                         restricted from disclosing or using due to contractual undertakings or by law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the performance of Consultant&rsquo;s duties hereunder, Consultant shall comply with
                                         all applicable laws and regulations, including, without limitation, the Company Internal
                                         Compliance Plan (as defined below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         will refrain from engaging in any business or other activity which may be of conflict
                                         of interest with Consultant&rsquo;s duties and obligations hereunder, and shall promptly
                                         notify the Company of any such matter or activity.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Compensation
                                         </U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
full consideration for the Services during the Term on this Agreement (as defined below), the Consultant shall be entitled to
the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
                                         7 days following the end of the first calendar month during which the Services hereunder
                                         are provided, Consultant shall notify the Company of his election to receive a Monthly
                                         Fee or Accrued Fee (as both are defined below). The applicable provisions shall apply
                                         accordingly:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Monthly
                                         Fee</U></B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 98pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
as of the Effective Date, the Company shall pay the Consultant a monthly retainer consulting fee of NIS 8,000 in consideration
for Services, plus V.A.T (the &quot;<U>Monthly Fee</U>&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 98pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Monthly Fee shall be payable within ten (10) days following the end of each calendar month, against the submission at the beginning
of each month to the Company of a valid invoice in relation to the preceding month. A Tax Invoice will be issued following actual
payment transfer of the Monthly Fee, to be wired into an account to be designated by the Consultant and advised in writing to
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Accrued
                                         Fee. </U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case the Consultant elects not to receive the Monthly Fee, the Consultant shall be entitled
                                         to an accrued fee equal to the monthly retainer consulting fee of NIS 8,000 in plus VAT,
                                         accumulated during the Term (as such is defined below) (the &quot;<U>Accrued Fee</U>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
converted into equity in accordance with Section 3.1.2(b) below, the Accrued Fee shall be payable within thirty (30) days following
the date of termination or expiration of this Agreement, against the submission by the Consultant to the Company of a valid invoice
in relation to the preceding month. A Tax Invoice will be issued following actual payment transfer of the Accrued Fee, to be wired
into an account to be designated by the Consultant and advised in writing to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
                                         5 (five) days following the termination or expiration of this Agreement, Consultant shall
                                         notify in writing to the Company if he desires to convert the Accrued Fee to Ordinary
                                         Shares of the Company, par value NIS 0.01 (the &quot;<U>Ordinary Shares</U>&quot; and
                                         collectively, the &quot;<U>Conversion</U>&quot;), in lieu of payment of the Accrued Fee.
                                         The Conversion shall be calculated based on the average closing price per Ordinary Share
                                         during the preceding 30 trading days prior to Consultant's election date with respect
                                         to such Conversion. If Consultant shall not notify the Company in the abovementioned
                                         manner, the Company shall elect, in its sole discretion, by which specific method as
                                         described in this sub section to pay the Consultant the Accrued Fee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Conversion shall be subject to the obtainment by the Company of all (i) applicable corporate
                                         approvals, including, without limitation, approvals by the Board and the shareholders
                                         of the Company; and (ii) completion of appropriate filings with and obtainment of the
                                         required approvals of the Israeli Securities Authority and/or the Tel Aviv Stock Exchange
                                         Ltd., (and the OTCQB, if required).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case Consultant elects the Conversion method, yet a regulatory approval (if indeed shall be required) is not obtained, for reasons
beyond the Company&rsquo;s control, this shall not be considered to be a breach by the Company of this agreement, Consultant shall
not hold any demand, allegations or claims against the Company, in such event and the Parties shall cooperate in good faith to
achieve any other agreed arrangement they deem suitable in this matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 134pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
herein shall be construed as an obligation to grant the Consultant of any Ordinary Shares underlying the Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that any applicable approval according to sub-section c above is not obtained
                                         within 45 (forty five) days following Consultant's notification to the Company of his
                                         election to convert according to sub-section b above, then the Company shall pay the
                                         Consultant the Accrued Fee, and the Conversion shall become null and void.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         any case, and for demonstrational and regulatory purposes only, such Conversion shall
                                         not entitle the Consultant for more than 1,713,357 Ordinary Shares (which as of November
                                         29, 2015 share trading price demonstrates an accrued fees of NIS 1,559,155 (approximately
                                         155,156 monthly fees), and which shares reflect 4.99% of the issued and outstanding share
                                         capital of the Company as of the Effective Date). Nothing herein shall be construed as
                                         an obligation by the Company to engage with the Consultant for said period (or any part
                                         thereof), and the abovementioned calculations are to be used for demonstrational and
                                         regulatory purposes only, and in any event shall not derogate from the provisions of
                                         section 10 [Term and Termination] to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Option.
                                         </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: -56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to and upon the later of (i) the sole discretion and approval of the Board, the shareholders
                                         of the Company and any applicable Company organs, law or regulation, to the extent applicable
                                         (ii) the Company's Compensation Policy then in effect, (iii) the adoption of an Employee
                                         Share Option Plan (the &quot;<U>Plan</U>&quot;) by the Board and its approval by the
                                         Israeli Tax Authorities, and (iv) the execution by Consultant of a standard option agreement
                                         in a form approved by the Board, Consultant shall be granted with an option to purchase
                                         up to 100,000 Ordinary Shares of the Company, par value NIS 0.01, each under the Plan
                                         (the &quot;<U>Shares</U>&quot; and collectively, the &ldquo;<U>Option</U>&rdquo;). The
                                         Option shall be subject to the provisions of the Plan and shall vest over a 3 year period,
                                         on a quarterly basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         grant of the Option shall be subject to the obtainment by the Company of all (i) applicable
                                         corporate approvals, including, without limitation, approvals by the Board and the shareholders
                                         of the Company; and (ii) completion of appropriate filings with and obtainment of the
                                         required approvals of the Israeli Securities Authority and/or the Tel Aviv Stock Exchange
                                         (and the OTCQB, if required).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case a regulatory approval (if indeed shall be required) is not obtained, for reasons
                                         beyond the Company&rsquo;s control, this shall not be considered to be a breach by the
                                         Company of this agreement, Consultant shall not hold any demand, allegations or claims
                                         against the Company in connection with the Company's failure to obtain such regulatory
                                         approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 98pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         herein shall be construed as an obligation to grant any options to the Consultant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expenses</U>.
                                         Without derogating from the above, the Company shall reimburse the Consultant for all
                                         out-off pocket expenses reasonably required in the performance of the Services by the
                                         Consultant under this Agreement and approved in advance by the Company. Reimbursement
                                         shall be made against delivery by Consultant to the Company of tax receipts or other
                                         appropriate supporting documentation satisfactory to the Company. Such expenses shall
                                         include travel expenses, which shall be made at business class rates, using Company's
                                         travel agent and most favorable rates, and subject to prior written approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         shall be solely responsible to pay all taxes, levies, social benefits, insurance payments
                                         and any other payments required by law due in connection with this Agreement, whether
                                         in Israel or abroad, <I><U>provided</U></I>, <I><U>however</U></I>, that the Company
                                         may withhold all amounts as required by applicable law from payments hereunder or in
                                         connection with this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         shall be not entitled to receive any other right, compensation or payment from the Company,
                                         other than as expressly stated in this Section 3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall insure Mr. Doron Ben-Ami under the Company's officers&rsquo; insurance
                                         policy, in accordance with its terms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Proprietary
                                         Rights </U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Consultant agrees and declares that any and all products, improvements, derivations,
                                         materials, processes, techniques, know-how and/or proceeds and any and all inventions,
                                         ideas, discoveries, concepts, works of authorship, designs, data results or initiatives
                                         conceived, conducted, developed, reduced to practice, compiled, created, written, authored,
                                         made and/or produced by the Consultant, alone or jointly with others, pursuant to, in
                                         connection with, resulting or arising from this Agreement and/or the provision of the
                                         Services to the Company, or trade secrets of the Company, whether within the scope of
                                         the provision of the Services hereunder to the Company or otherwise and whether during
                                         the Term of this Agreement, prior thereto or thereafter, directly or indirectly related
                                         to the technology of the Company as currently conducted and/or proposed to be conducted
                                         (the &quot;<U>Inventions</U>&quot;) and any and all right, title and interest in and
                                         to the Inventions, including without limitation, all patents, copyrights, trademarks,
                                         trade names, moral rights and other intellectual, industrial and/or proprietary rights
                                         and applications, extensions and renewals thereof (together with the Inventions, the
                                         &quot;<U>Proprietary Rights</U>&quot;), shall be the sole and exclusive property of the
                                         Company, its successors and assigns (for the purpose of this Section 4, collectively,
                                         the &quot;<U>Company</U>&quot;), and that the Consultant will not have any rights or
                                         title whatsoever thereto, including, although not an employee, any right to receive compensation
                                         pursuant to Section 134 of the Israeli Patent Law - 1967. All works authored by the Consultant
                                         pursuant to this Agreement, including, without limitation, the Inventions, shall be deemed
                                         &quot;<I>works made for hire</I>&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         and to the extent the Company&rsquo;s sole and exclusive ownership of the Proprietary
                                         Rights, in whole or in part, is not recognizable for any reason whatsoever, the Consultant
                                         hereby irrevocably transfers and assigns to the Company, solely and exclusively, all
                                         its/his rights, title and interest now and hereafter acquired in and to all Proprietary
                                         Rights (without any payments, liabilities or restrictions to any person or third party)
                                         in any and all media now known or hereafter devised, and all claims and causes of action
                                         of any kind with respect to any of the foregoing, throughout the world in perpetuity,
                                         and, when not otherwise assignable herein, agrees and undertakes to assign in the future
                                         to the Company all right, title and interest in and to any and all such Proprietary Rights
                                         (and all proprietary rights with respect thereto) and further undertakes to execute all
                                         necessary documentation and take all further action as may be required in order to perform
                                         such assignment, at the Company&rsquo;s expense.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that pursuant to any applicable law the Consultant retains any rights in and
                                         to the Proprietary Rights that cannot be assigned to the Company, the Consultant hereby
                                         unconditionally and irrevocably waives the enforcement of all such rights, and all claims
                                         and causes of action of any kind with respect to any of the foregoing and agrees, at
                                         the request and expense of the Company, to consent to and join in any action to enforce
                                         such rights and to procure a waiver of such rights from the holders of such rights, if
                                         any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that the Consultant retains any rights in and to Proprietary Rights that cannot
                                         be assigned to the Company and cannot be waived, the Consultant hereby grants the Company
                                         an exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform,
                                         modify, change, reproduce, publish and distribute, with the right to sublicense and assign
                                         such rights, and all claims and causes of action of any kind with respect to any of the
                                         foregoing, in and to the Proprietary Rights, in any way the Company sees fit and for
                                         any purpose whatsoever. Without derogating from the above, the Consultant hereby forever
                                         waives and agrees never to assert any and all rights of paternity or integrity, any right
                                         to claim authorship of any Invention, to object to any distortion, mutilation or other
                                         modification of, or other derogatory action in relation to any Invention, whether or
                                         not such would be prejudicial to his honor or reputation, and any similar right, existing
                                         under judicial or statutory law of any country in the world, or under any treaty, even
                                         after termination of its/his work on behalf of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the above, any and all material (including, without limitation, software,
                                         designs, documentation, memoranda, notes, reports, manuals, patterns, programs, specifications,
                                         prototypes, formulas, drawings, records, data or other technical or proprietary information),
                                         and any copies or abstracts thereof, whether or not of a secret or confidential nature,
                                         furnished to the Consultant by the Company or conceived, conducted, developed, reduced
                                         to practice, compiled, created, written, authored, made and/or produced by the Consultant,
                                         alone or jointly with others, pursuant to, in connection with, resulting or arising from
                                         this Agreement and/or the provision of Services to the Company, or trade secrets of the
                                         Company, whether within the scope of the consultancy with the Company or otherwise and
                                         whether during the Term of this Agreement, prior thereto or thereafter, directly or indirectly
                                         related to the business of the Company as currently conducted and/or proposed to be conducted,
                                         is and shall remain the sole and exclusive property of the Company. Such property while
                                         in the Consultant&rsquo;s custody or control, as applicable, shall be maintained in good
                                         condition at Consultant&rsquo;s expense, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Consultant will promptly disclose to the Company fully and in writing (but otherwise
                                         keep in confidence) all Inventions. All inventions and proprietary rights owned by the
                                         Consultant prior to the Effective Date are set forth in <B><U>Exhibit A</U></B> hereto,
                                         and shall remain the sole and exclusive property of the Consultant. Consultant hereby
                                         agrees and undertakes to provide the Company or any person designated by the Company
                                         all such information, to execute all necessary documentation and to take all further
                                         action as may be required to perfect the rights referred to herein, including, without
                                         limitation, any assignment of rights to the Company or the obtaining or enforcing any
                                         intellectual property rights, if applicable, in any and all countries, provided, that
                                         the Company will compensate the Consultant at a reasonable rate for time or expenses
                                         actually spent by him at the Company&rsquo;s request on such assistance. Without derogating
                                         from any of the Consultant&rsquo;s obligations hereunder, the Consultant hereby appoints
                                         any officer of the Company as its duly authorized agent to execute, file, prosecute and
                                         protect the same before any government agency, court or authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant&rsquo;s
                                         undertakings in this Section &lrm;4 shall remain in full force and effect after termination
                                         or expiration of this Agreement for any reason whatsoever or any renewal thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Confidentiality
                                         </U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         represents and warrants that it will keep the terms and conditions of this Agreement
                                         strictly confidential and will not disclose it or provide a copy of this Agreement or
                                         any part thereof to any third person unless and to the extent required by applicable
                                         law and except for his counsels Advisors and first degree family member, and only on
                                         a need to know basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         and all information and data of a proprietary or confidential nature concerning the business
                                         or financial activities of the Company or its technology or products (whether current
                                         or future), whether in oral, written, graphic, machine-readable form, or in any other
                                         form, including, without limitation, proprietary, business, financial, technical, development,
                                         product, marketing, sales, price, operating, performance, cost, know-how and process
                                         information, trade secrets, patents, patent applications, copyrights, ideas and inventions
                                         (whether patentable or not), and all record bearing media containing or disclosing such
                                         information and techniques, disclosed to or otherwise acquired by the Consultant in connection
                                         with this Agreement and any and all Proprietary Rights (collectively, &quot;<U>Confidential
                                         Information</U>&quot;) is and shall remain the sole and exclusive property of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         all times, both during the term of this Agreement and thereafter, the Consultant: (i)
                                         will keep the Confidential Information strictly confidential and will not disclose it,
                                         or any part thereof, provide any documentation with respect thereto, or any part thereof,
                                         directly or indirectly, to any third party, without the prior written consent of the
                                         Company or unless and to the extent required by applicable law; and (ii) will not use
                                         any Confidential Information or anything relating to it without the prior written consent
                                         of the Company, except and to the extent as may be necessary in the ordinary course of
                                         performing its/his duties and obligations hereunder and in the best interests of the
                                         Company. Notwithstanding the foregoing, the Consultant shall not be obligated to maintain
                                         the confidentiality of the Confidential Information which: (i) is or becomes a matter
                                         of public knowledge through no fault of the Consultant, or breach of this Agreement;
                                         (ii) is authorized, in writing, by the Company for release; (iii) was lawfully in the
                                         Consultant&rsquo;s possession before receipt from the Company, as evidenced by the Consultant,
                                         as the case may be, through written documentation; (iv) is lawfully received by the Consultant
                                         from a third party without a duty of confidentiality; or (v) reflects information and
                                         data generally known within the industries or trades in which the Company transacts business
                                         or (vi) is required to be revealed by a competent authority's decision.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         all times, both during the term of this Agreement and thereafter Consultant will keep
                                         in trust all Confidential Information. In the event of the termination of this Agreement
                                         for any reason, or upon the Company&rsquo;s earlier request, the each of the Consultant
                                         will promptly deliver to the Company all materials referred to herein and the Consultant
                                         shall not retain or take any materials, or any reproduction thereof containing or pertaining
                                         to Confidential Information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Consultant recognizes that the Company received and will receive confidential or proprietary
                                         information from third parties, subject to a duty on the Company&rsquo;s part to maintain
                                         the confidentiality of such information and to use it only for certain limited purposes.
                                         At all times, both during the Term of this Agreement and after its termination, the Consultant
                                         undertakes to keep any and all such information in strict confidence and trust, and it
                                         will not use or disclose any of such information without the prior written consent of
                                         the Company, except as may be necessary to perform his duties hereunder and consistent
                                         with the Company&rsquo;s agreement with such third party. Upon termination of this Agreement,
                                         the Consultant shall act with respect to such information as set forth in Section 5.4.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Indemnification</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Consultant is an independent contractor and it and its employees and consultants do not
                                         and shall not represent themselves to be the agents, employees, partners or joint venturers
                                         of the Company. Nothing in this Agreement shall be interpreted or construed as creating
                                         or establishing any partnership, joint venture, employment relationship, franchise or
                                         agency or any other similar relationship between the Company and the Consultant or any
                                         of its employees and consultants and neither party shall be held liable for the debts
                                         or obligations of the other.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Consultant hereby undertakes to indemnify and reimburse the Company for any amounts claimed
                                         or levied on the Company (including related costs and expenses) due to taxes, social
                                         insurance payments, pension payments, health insurance and any other such payments resulting
                                         from any payment made by the Company to the Consultant under this Agreement, whether
                                         in connection to Consultant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the above, in the event that, notwithstanding the Parties&rsquo; representations
                                         and undertakings hereunder, the Consultant or anyone on its behalf, shall claim, or a
                                         court of competent jurisdiction shall determine, the existence of employer-employee relationship
                                         between the Consultant and the Company, then the following provisions shall apply: (i)
                                         the Consultant's monthly salary for such claimed or determined period of employer-employee
                                         relationship shall be equal to 70% (seventy percent) of the sum of the Monthly Fee and
                                         expenses reimbursement due to the Consultant as consideration for the Services rendered
                                         hereunder (for the purposes of this Section &lrm;6.3, the &quot;<U>Monthly Salary</U>&quot;);
                                         and (ii) the Monthly Salary shall be deemed to constitute all of the Company&rsquo;s
                                         liabilities and obligations towards the Consultant, of any source or origin, with respect
                                         to and in connection with said employer-employee relationship, except for such rights
                                         with respect to which global compensation may not be determined pursuant to applicable
                                         law. The Company shall be entitled to set-off any amount due to it pursuant to this Section
                                         &lrm;6.3 from any amount due to Consultant pursuant to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Non
                                         Competition; Non Solicitation</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant,
                                         agrees and undertakes that he will not, during the Term of this Agreement and for a period
                                         of one (1) year thereafter, compete or assist others to compete, whether directly or
                                         indirectly, with the business of the Company, as currently conducted and/or proposed
                                         to be conducted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         agrees and undertakes that during the Term of this Agreement and for a period of one
                                         (1) year thereafter, it/she will neither solicit for employment or any other engagement
                                         nor employ or otherwise engage any person employed by the Company on the date of such
                                         termination or during the preceding twelve (12) months, personally or in any business
                                         in which he is an officer or director, for any purpose or in any place, provided that
                                         the foregoing restriction shall not apply to employment or engagement of an employee:
                                         (i) following an employee&rsquo;s affirmative response to a general recruitment effort
                                         carried out through a public solicitation or general solicitation, or (ii) upon an employee&rsquo;s
                                         initiative.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         any one or more of the terms contained in Sections &lrm;7.1 and &lrm;7.2 shall, for any
                                         reason, be held to be excessively broad with regard to time, geographic scope or activity,
                                         such term shall be construed in a manner to enable it to be enforced to the extent compatible
                                         with applicable law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Compensation
                                         Policy</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
                                         declares and confirms, that he is familiar and aware that the Company has adopted a compensation
                                         policy pursuant to the provisions of the Companies Law 5759-1999 (the &quot;<U>Compensation
                                         Policy</U>&quot;, and the &quot;<U>Law</U>&quot;, respectively), and that the terms of
                                         this Agreement are subject to and shall be aligned with the provisions and guidelines
                                         of the Compensation Policy in force, and as shall be determined from time to time. Copy
                                         of the Compensation Policy is attached hereto as an integral part of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that this Agreement and/or any of its provisions shall be proclaimed and/or
                                         considered by a competent authority not aligned with the Compensation Policy and not
                                         in accordance with the provision of the Law (&quot;<U>Contradicting Term</U>&quot;),
                                         then the Parties shall cooperate to adjust any Contradicting Term with the Compensation
                                         Policy or to be approved by the Company&rsquo;s relevant organs, as per the Parties consent
                                         and in accordance with applicable law and regulations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the Consultant&rsquo;s rights under this Agreement, in the event that
                                         the abovementioned adjustment is not possible or achievable under the circumstances,
                                         Consultant shall not hold any demand, allegations or claims against the Company, in the
                                         event the Company cannot make the necessary adjustment for reasons beyond the Company&rsquo;s
                                         control.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the provisions of the Compensation Policy, to the extent that any amount
                                         or fees paid to the Consultant hereunder shall be revealed, within three (3) years of
                                         the payment thereof, to have been paid based on erroneous calculations that have been
                                         restated in the Company's financial statements, the Consultant shall repay the Company
                                         amount paid in excess as aforesaid; all in accordance with the provisions of the Compensation
                                         Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Securities
                                         Internal Compliance Plan; Insider Trading Policy</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
declares and confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance Plan (the &quot;<U>Internal
Compliance Plan</U>&quot;), and are familiar with its terms, obligations and restrictions, and shall act in accordance with the
provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Term
                                         and Termination</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement shall be in effect as of the Effective Date and shall continue in full force
                                         and effect for an undefined period, until terminated as hereinafter provided (the &quot;<U>Term</U>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         any time commencing as of the Effective Date, each party shall have the right to terminate
                                         this Agreement, with or without cause, by providing a 30-day advance written notice to
                                         the other party (the &quot;<U> Notice Period</U>&quot;), during which Consultant shall
                                         be obligated to continue to provide the Services to the Company, unless instructed otherwise
                                         by the Company and in such event he shall be entitled to the compensation due to him
                                         until the original end date. During the Notice Period, the Consultant shall be entitled
                                         to all Compensations detailed in Section &lrm;3 above, to the extent applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
such time that Consultant ceases to provide the Services hereunder, it shall immediately return to Company any and all equipment
provided to the Consultant pursuant to this Agreement, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                         anything to the contrary herein, the Company may terminate this Agreement at any time,
                                         effective immediately, without need for prior written notice, and without derogating
                                         from any other remedy to which the Company may be entitled, for Cause. For the purposes
                                         of this Agreement, the term &quot;<U>Cause</U>&quot; shall mean, but shall not be limited
                                         to: (i) a material breach by Consultant of any term of this Agreement; (ii) any breach
                                         by Consultant of its fiduciary duties to the Company, including, without limitation,
                                         any material conflict of interest for the promotion of Consultant&rsquo;s benefit; (iii)
                                         Consultant fraud, felonious conduct or dishonesty; (iv) Consultant&rsquo;s embezzlement
                                         of funds of the Company; (v) any conduct by Consultant which is materially injurious
                                         to the Company, monetary or otherwise; (vi) Consultant&rsquo;s conviction of any felony;
                                         (vii) Consultant&rsquo;s misconduct, gross negligence or willful misconduct in performance
                                         of his duties and/or responsibilities hereunder; or (viii) Consultant&rsquo;s refusal
                                         to perform its duties and/or responsibilities hereunder for any reason other than illness
                                         or incapacity of Consultant, or Consultant&rsquo;s disregard or insubordination of any
                                         lawful resolution and/or instruction of the Board with respect to Consultant&rsquo;s
                                         duties and/or responsibilities towards the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                         termination of this Agreement, the Consultant shall cooperate with the Company and use
                                         its best efforts to assist the integration into the Company&rsquo;s organization of the
                                         person or persons who will assume the Consultant&rsquo;s responsibilities. At the option
                                         of the Company, the Consultant shall, during such period, either continue with its duties
                                         or remain absent from the premises of the Company, subject to applicable law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Survival</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of Sections 3.3, &lrm;4 through 8 and &lrm;13.5 shall survive the termination of this Agreement for any reason whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Notices
                                         </U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         and all notices and communications in connection with this Agreement shall be in writing,
                                         addressed to the parties as follows:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 26.9pt">&nbsp;</TD>
    <TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    to the Company:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix
        Biosciences Ltd.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Azrieli
        Center, 27<SUP>th</SUP> floor,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv
67025, Israel</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    to Consultant:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         notices shall be given by registered mail (postage prepaid), by facsimile or email or
                                         otherwise delivered by hand or by messenger to the Parties&rsquo; respective addresses
                                         as above or such other address as may be designated by notice. Any notice sent in accordance
                                         with this Section &lrm;12 shall be deemed received upon the earlier of: (i) if sent by
                                         facsimile or email, upon transmission and electronic or other confirmation of receipt
                                         or (if transmitted and received on a non-business day) on the first business day following
                                         transmission and electronic or other confirmation of receipt, (ii) if sent by registered
                                         mail, upon 5 (five) days of mailing, and (iii) if sent by messenger, upon delivery.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Miscellaneous</U></B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -26.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         execution, delivery and performance of this Agreement is subject to the obtainment of
                                         all applicable corporate and regulatory approvals, if and to the extent necessary.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Headings;
                                         Interpretation</U>. Section headings contained herein are for reference and convenience
                                         purposes only and shall not in any way be used for the interpretation of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire
                                         Agreement</U>. This Agreement constitutes the entire agreement between the Parties with
                                         respect to the subject matters hereof and supersedes all prior agreements, understandings
                                         and arrangements, oral or written, between the Parties with respect to the subject matters
                                         hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment;
                                         Waiver</U>. No provision of this Agreement may be modified, waived or discharged unless
                                         such waiver, modification or discharge is agreed to in writing and signed by all Parties.
                                         No waiver by either Party at any time to act with respect to any breach or default by
                                         the other Party of, or compliance with, any condition or provision of this Agreement
                                         to be performed by such other Party shall be deemed a waiver of similar or dissimilar
                                         provisions or conditions at the same or at any prior or subsequent time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
                                         Law; Jurisdiction</U>. This Agreement shall be governed by and construed and enforced
                                         in accordance with the laws of the State of Israel, without giving effect to the rules
                                         with respect to conflicts-of-law. Any dispute arising out of, or relating to this Agreement,
                                         its interpretation or performance hereunder shall be resolved exclusively by the competent
                                         court of the Central district, and each of the Parties hereby submits exclusively and
                                         irrevocably to the jurisdiction of such court.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>.
                                         The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
                                         of any provision shall not affect the validity or enforceability of the other provisions
                                         hereof. If any part of this Agreement is determined to be invalid, illegal or unenforceable,
                                         such determined shall not affect the validity, legality or enforceability of any other
                                         part of this Agreement; and the remaining parts shall be enforced as if such invalid,
                                         illegal, or unenforceable part were not contained herein, <U>provided</U>, <U>however</U>,
                                         that in such event this Agreement shall be interpreted so as to give effect, to the greatest
                                         extent consistent with and permitted by applicable law, to the meaning and intention
                                         of the excluded provision as determined by such court of competent jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Successors
                                         and Assign; Assignment</U>. This Agreement shall be binding upon and shall inure to the
                                         benefit of the Company, its successors and assigns. Neither this Agreement or any of
                                         the Consultant&rsquo;s rights, privileges, or obligations set forth in, arising under,
                                         or created by this Agreement may be assigned or transferred by the Consultant without
                                         the prior consent in writing of the Company, except by will or by the laws of descent
                                         and distribution</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><I>[the
remainder of this PAGE was intentionally left blank]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date first above-mentioned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid">/s/ Therapix Biosciences Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid">/s/ Doron Ben - Ami</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Therapix
Biosciences Ltd.</B></FONT> </TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Doron
Ben-Ami</B></FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0">&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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<TYPE>EX-10.9
<SEQUENCE>11
<FILENAME>filename11.htm
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 10.9</B></FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
Copy</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Financial
Services Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
agreement (the &ldquo;<U>Agreement</U>&rdquo;) is entered into as of this __ day of November 2015 (the &quot;<U>Effective Date</U>&quot;)
between Therapix Biosciences Ltd. with principal offices at 5 Azrieli Center, 27th floor, Tel-Aviv 67025, Israel and its subsidiaries
(the &quot;<U>Company</U>&quot;) and Mr. Guy Goldin, licensed CPA, ID no. 029410768, of Klauzner 3<SUP>th</SUP> St. Ramat-Gan
(&ldquo;<U>Contractor</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company is a public company whose securities are traded on the Tel-Aviv Stock Exchange; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    is engaged with Baseline, Licensed Dealer no. _______ and renders certain financial services to companies as a consultant;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company wishes to retain services from the Contractor and the Contractor wishes to render such services to the Company, as
    further set forth herein; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Contractor represents that it has the required knowledge, ability, talent and experience to provide services to the Company,
    all as detailed and pursuant to the terms set forth herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Now,
therefore, the parties have agreed as follows:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Services</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor will provide the Company with a finance director services as customary to be provided by an office holder holding
    such position in a publicly traded company, including financial services, as an independent contractor, which, , will include
    inter alia the services set forth in <B><U>Exhibit A</U></B> hereto (the &ldquo;<U>Services</U>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Services shall be provided by Mr. Guy Goldin personally.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor shall report directly to the Company's CEO.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    scope of the Services shall be determined by the Company's CEO from time to time, according to the Company&rsquo;s needs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor shall immediately notify the Company's CEO regarding any matter it has and/or may have a personal interest in which
    may affect the rendering of the Services.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor shall perform the Services diligently and promptly for the sole benefit of the Company. The Contractor shall competently
    perform all assigned duties, carry out the policies, directives and decisions of the CEO of the Company; not withhold information
    from the Company and refrain from any conduct which is illegal, dishonest, fraudulent or detrimental to the Company's business.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    shall devote his attention, know-how, energy, talent, experience and best efforts to the performance of the Services under
    this Agreement and the business and affairs of the Company. Contractor shall be engaged with the Company on a part-time basis,
    such that Contractor shall devote up approximately 70 hours per month for the ongoing work and additional up to 35 hours per
    quarter for the performance of the Services, as shall be instructed by the Company. In the event that the parties will see
    a need to increase the scope of work, the parties shall negotiate and mutually agree &ndash; if possible - on an updated fee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Representations
    and Warranties</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    hereby represents, warrants and covenants to the Company, and acknowledges that the Company is entering into this Agreement
    in reliance thereon, as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    has the necessary skills, knowledge and experience to fulfill Contractor&rsquo;s obligations hereunder, shall do so diligently,
    professionally and conscientiously and shall use Contractor&rsquo;s best efforts in the performance thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    execution and delivery of this Agreement and the fulfillment of the terms hereof will constitute the valid, binding and enforceable
    obligations of Contractor and will not violate, conflict with or constitute a default under or breach of any agreement and/or
    undertaking and/or instrument, judgment, order, writ or decree to which Contractor is a party or by which he is bound, or
    any provision of law, rule or regulation applicable to Contractor, including without limitation, any confidentiality or non
    competition agreement, and do not require the consent of any person or entity. In the performance of Contractor&rsquo;s obligations
    hereunder, Contractor will not make use of (i) any confidential or proprietary information belonging to any third party, or
    (ii) any information which Contractor is restricted from disclosing or using due to contractual undertakings or by law. Contractor
    hereby represents and warrants that he has obtained all approvals necessary by third parties with respect to his the execution,
    delivery and performance of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the performance of Contractor&rsquo;s duties hereunder, Contractor shall comply with all applicable laws and regulations,
    including, inter alia, the Company Internal Compliance Plan (as defined below).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    will refrain from engaging in any business or other activity which may be of conflict of interest with Contractor&rsquo;s
    duties and obligations hereunder, and shall promptly notify the Company of any such matter or activity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Term</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Agreement shall commence on the date hereof and shall remain in full force and effect (the &ldquo;<U>Term</U>&rdquo;) unless
    terminated, for any reason, with a thirty (30) days prior written notice (the &quot;<U>Notice Period</U>&quot;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the Notice Period the Contractor shall continue providing the Services and be entitled to the Monthly Fees (as defined below).
    Nevertheless, the Company may, under its sole discretion, waive retaining the Services during the Notice Period, in whole
    or in part, subject to paying the Contractor the Monthly Fees, had it continued providing the Services until the end of the
    Notice Period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    the above, the Company may terminate this Agreement with immediate effect, without providing any notice upon the occurrence
    of any of the following: (a) The Contractor has breached any of its confidentiality obligations towards the Company, (b) the
    prosecution of the Contractor for any felony whatsoever, and (c) a violation by the Contractor of its fiduciary duties towards
    the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    any the termination of this Agreement and subject to paying the applicable Monthly Fees and final account to the Contractor,
    Contractor shall immediately provide the Company all written, electronic and other records of Company in its possession, in
    a form reasonably requested by Company. During the Notice Period, Contractor shall provide all necessary consultations, hand-off
    and instructions services to any replacement of Contractor hired by Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consideration</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    full and complete consideration for the Services, the Company shall pay to Contractor monthly fees for the Services in an
    amount of NIS <B>19,000</B> plus VAT for each month (the &ldquo;<U>Monthly Fees</U>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Monthly Fees will be paid at within 10 days of the end of each calendar month as a wire transfer, against a proper tax invoice
    of The Contractor.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall reimburse Contractor for expenses incurred in connection with the fulfillment of his duties hereunder, in an
    amount of NIS 1,000 + VAT per month against tax invoice provided by the contractor. Reimbursement shall be made upon payment
    of the Monthly Fees.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition to clause 4.3 Company shall reimburse the Contractor for all out-off pocket expenses reasonably required in the performance
    of the Services by the Contractor under this Agreement and approved in advance by the Company. Reimbursement shall be made
    against delivery by Contractor to the Company of tax receipts or other appropriate supporting documentation satisfactory to
    the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="text-decoration: underline; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Option.
    </U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.1.</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to and upon the later of (i) the sole discretion and approval of the Company's Board of Directors (the &quot;<U>Board</U>&quot;),
    the shareholders of the Company and any applicable Company organs, law or regulation, to the extent applicable (ii) the Company's
    Compensation Policy then in effect, (iii) the adoption of an Employee Share Option Plan (the &quot;<U>Plan</U>&quot;) by the
    Board and its approval by the Israeli Tax Authorities, and (iv) the execution by Contractor of a standard option agreement
    in a form approved by the Board, Contractor shall be granted with an option to purchase up to 200,000 Ordinary Shares of the
    Company, par value NIS 0.1, each under the Plan (the &quot;<U>Shares</U>&quot; and collectively, the &ldquo;<U>Option</U>&rdquo;).
    The Option shall be subject to the provisions of the Plan and shall vest over a 3 year period, on a quarterly basis. The Option
    shall be exercisable in linear stages as set forth above provided that Mr. Goldin shall be continuously engaged by the Company.
    To the extent the Services were terminated prior to an end of a quarter, Contractor shall be entitled to the respective pro-rata
    portion of the Option.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.2.</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    any applicable laws or regulations, the term of the Option and the exercise price of each Share underlying the Option shall
    be determined by the Board, at its sole discretion.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.3.</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    grant of the Option shall be subject to the obtainment by the Company of all (i) applicable corporate approvals, including,
    without limitation, approvals by the Board and the shareholders of the Company; and (ii) completion of appropriate filings
    with and obtainment of the required approvals of the Israeli Securities Authority and/or the Tel Aviv Stock Exchange (and
    the OTCQB, if required).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.4.</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case a regulatory approval (if indeed shall be required) is not obtained, for reasons beyond the Company&rsquo;s control,
    this shall not be considered to be a breach by the Company of this agreement, Contractor shall not hold any demand, allegations
    or claims against the Company in connection with the Company's failure to obtain such regulatory approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.5.</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
    herein shall be construed as an obligation to grant any options to the Contractor.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    shall be solely responsible and shall make all compulsory payments in connection with the Services provided hereunder. Said
    payments shall include, without limitation, income tax, National Insurance, severance, and any and all other payments to any
    governmental or other relevant authority in connection with the Services.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    shall be solely responsible for any tax and other payments required by law in connection with this Agreement and the payment
    or remittance of any portion of the Consulting Fee hereunder, provided, however, that the Company may withhold any amounts
    as required by applicable law from any payments or other forms of compensation hereunder or in connection with this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor shall not be entitled to receive any other compensation or payment from the Company other than as expressly stated
    in this section 4.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Insurance;
    Indemnification and Exemption</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall insure Mr. Guy Goldin under the Company's officers&rsquo; insurance policy, in accordance with its terms.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the obtainment of all corporate and regulatory approvals, to the extent required, Contractor shall be entitled to exemption
    and indemnification in connection with the performance of the Services hereunder, in accordance with the Exemption and Indemnification
    Letters in the forms previously approved by the Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Confidentiality,
    Proprietary Rights &amp; Non-Competition </U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Confidentiality, Proprietary Rights and Non-Competition agreement between the parties is attached as <B><U>Exhibit B</U></B> hereto
and forms an integral part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Independent
    Contractor</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    parties agree that Contractor shall act as an independent contractor in the performance of the Services and that nothing contained
    herein shall create or be construed to create an employer-employee relationship between the parties and Contractor shall not
    be entitled to any Company employment rights or benefits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the above, in the event that, notwithstanding the parties&rsquo; representations and undertakings hereunder,
    the Contractor, or anyone on its behalf, shall claim, or a court of competent jurisdiction shall determine, the existence
    of employer-employee relationship between the Contractor and the Company, then the following provisions shall apply: (i) the
    Contractor's monthly salary for such claimed or determined period of employer-employee relationship shall be equal to 60%
    (sixty percent) of the sum of the Monthly Fees and expenses reimbursement due to the Contractor as consideration for the Services
    hereunder (for the purposes of this Section &lrm;7, the &ldquo;<U>Monthly Salary</U>&rdquo;); (ii) the Monthly Salary shall
    be deemed to constitute all of the Company&rsquo;s liabilities and obligations towards the Contractor, of any source or origin,
    with respect to and in connection with said employer-employee relationship, except for such rights with respect to which global
    compensation may not be determined pursuant to applicable law, (iii) Contractor will immediately pay the Company all amounts
    paid to it beyond the sums calculated as stated in paragraph (i) above, and (iv) Contractor shall be liable to fully indemnify
    the Company for any damages, liabilities, or other costs and expenses incurred in connection with any such determination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall be entitled to set-off any amount due to it pursuant to this Section &lrm;7 from any amount due to Contractor
    pursuant to this Agreement. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    hereby undertakes to indemnify, defend, hold harmless and reimburse the Company, its officers, agents, employees, representatives,
    successors and assigns against any claim, liability, loss and expense, including reasonable attorneys fees, arising from any
    suit, cause of action, demand or claim brought by any person or entity (including related costs and expenses) due to taxes,
    payment or withholding, wages, premiums, contributions social security payments, pension payments, employee benefits, health
    insurance and any other such payments resulting from any payment made by the Company to the Contractor under this Agreement,
    or otherwise in connection herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Compensation
    Policy</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
    declares and confirms, that it/he is familiar and aware that the Company has adopted a compensation policy pursuant to the
    provisions of the Companies Law 5759-1999 (the &quot;<U>Compensation Policy</U>&quot;, and the &quot;<U>Law</U>&quot;, respectively),
    and that the terms of this Agreement are subject to and shall be aligned with the provisions and guidelines of the Compensation
    Policy in force, and as shall be determined from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that this Agreement and/or any of its provisions shall be proclaimed and/or considered by a competent authority
    not aligned with the Compensation Policy and not in accordance with the provision of the Law (&quot;<U>Conflicting Provision</U>&quot;),
    then the parties shall cooperate to adjust any Conflicting Provision with the Compensation Policy or to approve such Conflicting
    Provisions by the Company's relevant organs, in accordance with applicable law and regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the Contractor&rsquo;s rights under this Agreement, in the event that the abovementioned adjustment is not
    achievable, the Contractor shall not have any demand, allegations or claims against the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Securities
    Internal Compliance Plan; Insider Trading Policy</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor
declares and confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance Plan (the &quot;<U>Internal
Compliance Plan</U>&quot;), and are familiar with its terms, obligations and restrictions, and shall act in accordance with the
provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Miscellaneous</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 10.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the 45 day period commencing on the Effective Date, the Company and Contractor shall negotiate in good faith with respect
    to the appointment of Contractor as the Company's Chief Financial Officer, under the same terms detailed hereunder.<BR>
<BR>
    This Agreement shall be governed by the laws of the State of Israel and the competent courts in Tel-Aviv shall have exclusive
    jurisdiction in all matters pertaining or relating thereto.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Agreement is for the services of the Contractor and none of the Services to be provided by Contractor hereunder may be delegated,
    assigned or subcontracted to others without the prior written consent of the Company, in each case. The Contractor shall not
    be entitled to bind the Company for any purposes unless specifically authorized by the Company in writing in advance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Agreement constitutes the entire agreement between the parties and supersedes all previous agreements and understandings,
    hereto, whether oral or written, express or implied, with respect to the subject matter contained in this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed
    to in writing and signed by the Contractor and the Company. No delay or failure by either party hereto at any time to act
    with respect to any breach or default by the other party of, or compliance with, any condition or provision of this Agreement
    to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same
    or at any prior or subsequent time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    notices required to be delivered under this Agreement shall be effective only if in writing and shall be deemed received upon
    the earlier of: (i) if sent by facsimile or email, upon transmission and electronic or other confirmation of receipt or (if
    transmitted and received on a non-business day) on the first business day following transmission and electronic or other confirmation
    of receipt, (ii) five (5) days after the date of mailing if mailed by registered mail to the addresses set forth above; and
    (iii) if sent by messenger, upon delivery.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    is agreed between the parties that the Contractor's liability towards the Company shall be that of an office holder under
    the Companies Law-1999 and any other applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Contractor hereby declares that as of the date hereof it does not hold any securities of the Company, and undertakes to notify
    the Company immediately upon the execution of any transaction whose underlying asset is any of the Company&rsquo;s securities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    execution, delivery and performance of this Agreement is subject to the obtainment of all applicable corporate and regulatory
    approvals, if and to the extent necessary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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remainder of this page was intentionally left blank]</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;/s/
    Therapix Biosciences Ltd.&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT><FONT STYLE="font-weight: normal; font-style: normal">/s/
    Mr. Guy Goldin</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix
                    Biosciences Ltd.&#9;</B></FONT></P>

</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<B>The
                    Contractor </B>Mr. Guy Goldin</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;<U>Annex
A to Services Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>The
Services</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acting
    as the Company's Finance Director (&quot;<U>CFD</U>&quot;) and the Company's secretary; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible
    for immidiate and periodic reports, including, financial reports and other immidiate, quarterly and annual reports, the Company
    is required to file under applicable law, including in cooperation with the Company&rsquo;s external accountants as necessary;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
    immidiate and periodic reports, including, financial reports and other immidiate, quarterly and annual reports, the Company
    is required to file with the public via the &quot;MAGNA system&quot; under applicable law, including the Securities Law-1968
    and the regulations promulgated thereunder after legal review by Company&rsquo;s legal counsel, so far as such review may
    be required;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acting
    as the Compliance Officer of the Company, to the extend nominated by the Company's Audit Committee. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing
    board of directors reports and other reports as may be required under applicable law from companies listed on the Tel Aviv
    Stock Exchange and execute such reports in its capacity as the Company's CFD, as required;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate
    any future shelf offering report and all related required actions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    on-going bookkeeping &amp; salaries;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    the Company's activity with banks and cash flow;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participating
    in meetings of the board of directors of the Company and its committees;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.45pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing
    budget control and forecasts;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of this Annex A, the term &quot;Company&quot; shall also apply to Company's subsidiaries and affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Annex
B to Services Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><U>Confidentiality,
Proprietary Rights and Non-Competition Agreement </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following Undertaking confirms certain terms of our engagement, jointly and severally, with Therapix Biosciences Ltd. and its
subsidiaries (the &quot;<U>Company</U>&quot;), which is a material part of the consideration for my engagement by the Company
and the compensation received by us from the Company from time to time. Capitalized terms used and not otherwise defined herein
shall bear the respective meanings ascribed to them in the Financial Services Agreement to which this Undertaking is attached
(the &quot;<U>Agreement</U>&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Confidentiality
    </U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    acknowledge that in the course of my engagement with the Company I may (or may have) receive(d), learn(ed), be(en) exposed
    to, obtain(ed), or have (had) access to non-public information relating to the Company, its business, operations and activities,
    including without limitation any commercial, financial, business or technical information, inventions, developments, processes,
    specifications, technology, know-how and trade secrets, information regarding marketing, operations, plans, activities, customers,
    suppliers, business partners, etc. (&quot;<U>Confidential Information</U>&quot;), and hereby undertake: <B><I>(a)</I></B>&nbsp;to
    maintain the Confidential Information in strict confidence at all times and not to communicate, publish, reveal, describe,
    allow access to, divulge or otherwise disclose, expose or make available the Confidential Information in whole or in part,
    to any person or entity, all whether directly or indirectly, and whether in writing or otherwise; and <B><I>(b)</I></B>&nbsp;not
    to use the Confidential Information for any purpose other than for the performance of my obligations pursuant to the Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
further recognize that (i) the Company may receive confidential or proprietary information from third parties, subject to a duty
on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. Such
information shall also be deemed &quot;Confidential Information&quot; hereunder, mutatis mutandis; and (ii) the Company is a public
company traded on the Tel-Aviv Stock Exchange, and accordingly, Confidential Information may be considered as &quot;inside information&quot;
pursuant to Israeli securities laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding,
    Confidential Information shall not include information that: (i) is now or subsequently becomes generally available in the
    public domain through no fault or breach on my part of any of my obligations hereunder and/or under the Agreement (it being
    agreed and understood that Confidential Information shall not be deemed to be in the public domain merely because any part
    of the Confidential Information is embodied in general disclosure or because individual features, components or combinations
    thereof are now or become known to the public); (ii) was either rightfully obtained by the undersigned prior to the date hereof
    from a third party who has the right to transfer or disclose it, or, as the undersigned can demonstrate in its records, was
    rightfully in undersigned&rsquo;s possession prior to the date hereof, all without duty of nondisclosure or nonuse; (iii)
    is approved in writing by the company for release by the undersigned; or (iv) is required or compelled by law to be disclosed,
    <U>provided</U> that the undersigned gives reasonable prior written notice to the Company in order to allow it to seek protective
    or other court orders. In addition, I represent and warrant that I will keep the terms and conditions of the Agreement and
    this Undertaking strictly confidential and will not disclose it to any third person unless and to the extent required by applicable
    law and subject to prior written notice to the Company. I nevertheless understand and agree that the Company may disclose
    the terms and conditions of the Agreement and this Undertaking if it so deems necessary and that it is particularity required
    to make certain public disclosures and publications under applicable laws which may include the terms and conditions of the
    Agreement and this Undertaking.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    the earlier of the Company's request or the termination of my engagement, I shall return to the Company any and all documents
    and other tangible materials containing Confidential Information, and shall erase or destroy any computer or data files in
    my possession containing Confidential Information, such that no copies or samples of Confidential Information shall remain
    with me.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    derogating from the above, all Confidential Information made available to, received by, or generated by me shall remain the
    property of the Company (or its respective owners), and no license or other right in or to the Confidential Information is
    granted hereby. Any and all material (including without limitation, files, records, documents, design, drawings, specifications,
    equipment, notebooks, notes, memoranda, diagrams, blueprints, bulletins, formula, reports, analyses, computer programs, software)
    and data of any kind relating to Confidential Information and/or Proprietary Rights (as defined below), whether prepared by
    the undersigned or otherwise coming or having come into my possession, and whether or not marked or classified as Confidential
    Information, shall remain the exclusive property of the Company (or its respective owners).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>2.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Proprietary
    Rights</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2.1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    and all right, title and interest in and to any and all discoveries, inventions, ideas, developments, technology, products,
    improvements, enhancements, derivations, modifications, mask works, trade secrets, concepts, ideas, techniques, methods and
    methods of use, delivery and/or diagnostics, processes materials, proceeds, data, compositions of matters, formulations, know-how,
    designs and works of authorship, invented, made, developed, discovered, conceived, conducted, designed, reduced to practice,
    written, authored, compiled, produced and/or created, in whole or in part, by me (or so caused or enabled), independently
    or jointly with others, (i)&nbsp;during my engagement with the Company; or (ii) which result or arise from or relate to my
    engagement with the Company, or work performed by or for the Company, or any Confidential Information; or (iii) with the use
    of any Company equipment, supplies, facilities, trade secrets or proprietary information of the Company; or (iv) which relate
    to the Company's business, technology or research and development (the &quot;<U>Inventions</U>&quot;), and any and all right,
    title and interest in and to the Inventions, including without limitation, all patents, copyrights, trademarks, trade names,
    moral rights and other intellectual, industrial and/or proprietary rights and applications, extensions and renewals associated
    therewith (collectively and together with the Inventions, the &quot;<U>Proprietary Rights</U>&quot;), shall be the sole and
    exclusive property of the Company, its successors and assigns (for the purposes of this Section 2, collectively, the &quot;<U>Company</U>&quot;).
    All works authored by me pursuant to the Agreement, including without limitation the Inventions, shall be deemed &quot;<I>work
    made for hire</I>&quot;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2.2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    shall have no title, rights, claims or interest whatsoever in or with respect to the Proprietary Rights. I hereby acknowledge
    and agree that the Monthly Fee I am entitled to receive from the Company constitutes the sole and exclusive consideration
    to which I am entitled, by virtue of any contract or law (including, but not limited to, the Israel Patent Law, 5727-1967
    (the &quot;<U>Patent Law</U>&quot;)), in respect of any and all Inventions, and I hereby waive all past, present and future
    demands, contentions, allegations or other claims, of any kind, in respect thereof, including the right to receive any additional
    royalties, consideration or other payments.&nbsp; Without derogating from the aforesaid, I hereby acknowledge and agree that
    the level of the compensation and consideration to which I am entitled has been established based upon the aforementioned
    waiver of rights to receive any such additional royalties, consideration or other payment. The foregoing will apply to any
    &quot;Service Inventions&quot; as defined in the Patent Law and under no circumstances will I be deemed to have any proprietary
    right in any such Service Invention, notwithstanding the provision or non-provision of any notice of an invention and/or company
    response to any such notice, under Section 132(b) of the Patent Law.&nbsp;This Undertaking and the Agreement are expressly
    intended to be an agreement with regard to the terms and conditions of consideration for Service Inventions in accordance
    with Section 134 of the Patent Law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2.3.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    hereby irrevocably and unconditionally transfer and assign to the Company, and if and when not otherwise assignable herein,
    agree and undertake to transfer and assign to the Company in the future, any and all of my rights, title and interest, now
    and hereafter acquired, in and to the Proprietary Rights, (without any payments, liabilities or restrictions to any person
    or third party) in any and all media now known or hereafter devised, and all claims and causes of action of any kind with
    respect to any of the foregoing, throughout the world in perpetuity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that pursuant to any applicable law I retain any rights in and to the Proprietary Rights that cannot be assigned to
the Company, I hereby unconditionally and irrevocably waive any right, claim or demand with respect thereto (including without
limitation for any compensation, royalty or reward, or the enforcement of all such rights), and all claims and causes of action
of any kind with respect to any of the foregoing, and agree, at the request and expense of the Company, to consent to and join
in any action to enforce such rights and to procure a waiver of such rights from the holders of such rights, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that I retain any rights in and to Proprietary Rights that cannot be assigned to the Company and cannot be waived, I
hereby grant the Company an irrevocable, exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform,
modify, change, reproduce, publish and distribute, with the right to sublicense and assign such rights, and all claims and causes
of action of any kind with respect to any of the foregoing, in and to the Proprietary Rights, in any way the Company sees fit
and for any purpose whatsoever. Without derogating from the above, I hereby forever waive and agree never to assert any and all
rights of paternity or integrity, any right to claim authorship of any Invention, to object to any distortion, mutilation or other
modification of, or other derogatory action in relation to any Invention, and any similar right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    will promptly disclose to the Company fully and in writing all Inventions but will otherwise keep the Inventions in strict
    confidence in accordance with the provisions of Section 1 above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    further agree and undertake to take all necessary measures and to fully cooperate with the Company, during and after the term
    of my engagement, in order to perfect, enforce, and/or defend the Proprietary Rights, and effectuate the Company's title and
    interest therein, including without limitation as follows: (i)<B>&nbsp;</B>to keep accurate records relating to the conception
    and reduction to practice of all Proprietary Rights, which records shall be the sole and exclusive property of the Company
    and shall be surrendered to the possession of the Company, immediately upon their creation; and (ii)&nbsp;to provide the Company
    with all information, documentation, and assistance, including the preparation or execution, as applicable, of documents,
    declarations, assignments, drawings and other data, all such information, documentation, and assistance to be provided at
    no additional expense to the Company, except for out-of-pocket expenses incurred by me at the Company's request or with the
    Company's prior written consent. Without derogating from any of my obligations hereunder, I hereby appoint any officer of
    the Company as my duly authorized agent to execute, file, prosecute and protect the same before any government agency, court
    or authority.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>3.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Non-Competition;
    NON-SOLICITATION</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    agree and declare that, so long as I am an service provider of the Company, and for a period of six (6) months following termination
    of my engagement, I will not, directly or indirectly, (i) engage in, participate, assist or become financially interested
    in, any business venture worldwide that is engaged in any activity competing with Company's business; (ii) employ or otherwise
    engage, recruit or otherwise solicit, induce or influence any person to leave the employment or service of the Company; and
    (iii) solicit or encourage any customer, supplier or service provider to terminate or modify adversely its business relationship
    with the Company or otherwise intervene in any relationship between the Company and any of its employees, contractors, suppliers
    or consultants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the purposes of this Section&nbsp;&lrm;3, &quot;<U>directly or indirectly</U>&quot; includes doing business as an owner, partner,
joint venturer, an independent contractor, shareholder, director, officer, manager, broker, agent, employee, service provider
or advisor, licensor or in any other capacity whatsoever, but does not include holding up to 1% of the free market shares of any
publicly traded companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    hereby acknowledge that the provisions of this Section&nbsp;&lrm;3 are reasonable to legitimately protect Confidential Information,
    Proprietary Rights and Company property (including intellectual property and goodwill) to which I, in my position in the Company,
    have been and will continue to be exposed, and that my compensation under the Agreement incorporates special consideration
    with respect for these non-competition undertaking.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>General</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned understands and agrees that monetary damages would not constitute a sufficient remedy for any breach or default
    of the obligations contained in this Undertaking, and that the Company shall be entitled, without derogating from any other
    remedies, to seek injunctive or other equitable relief to remedy or forestall any such breach or default or threatened breach.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 38px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions of the Agreement relating to term and termination and the general provisions thereof shall apply to this Undertaking,
    <I>mutatis mutandis</I>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>In
witness whereof</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, I hereby affix my name and
signature, on this __ day of November 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid">/s/ Mr. Guy Goldin</TD>
    <TD STYLE="width: 60%; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Mr.
Guy Goldin</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Execution
Copy</U></FONT><U></U></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman Bold,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>1<SUP>st</SUP>
Amendment Of Financial Services Agreement</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman Bold,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">This 1<SUP>st</SUP> Amendment (the <B>&quot;<U>Amendment</U>&quot;)
</B>is made and entered into on this 22 day of March, 2016, by and between Therapix Biosciences Ltd., a public company organized
under the laws of the State of Israel (the <B>&quot;<U>Company</U>&quot;), </B>and Mr. Guy Goldin, ID no. 029410768 (the &ldquo;<U>Contractor</U>&rdquo;)<B>.</B>
The Company and the Contractor may be referred to collectively as the &ldquo;<U>Parties</U>&rdquo; and each as a &ldquo;<U>Party</U>&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 84px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><B><U>WHEREAS</U></B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the Company and the Contractor have entered into a Financial Services Agreement, dated November 30, 2015 (the <B>&quot;</B><U>Agreement</U><B>&quot;</B>); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 84px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><B><U>WHEREAS</U></B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">pursuant to<B> </B>section 1.7 of the Agreement, the Parties desire to amend the Agreement as further set forth herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify"><B>NOW THEREFORE, </B>in consideration of the
mutual promises contained herein, and intending to be legally bound, the parties hereby declare and agree as follows:&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">1.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Capitalized terms used and not otherwise defined herein shall bear the respective meanings ascribed to them in the Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">

    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">2.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Effective as of April 1, 2016:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px">&nbsp;</TD>
    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">2.1.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Contractor shall act as the Company's Chief Financial Officer and Company&rsquo;s secretary. Annex A of the Agreement shall be deemed to have been amended with the necessary changes, to reflect said change of position.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 47px">&nbsp;</TD>
    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">2.2.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Notwithstanding anything to the contrary in section 1.7 of the Agreement, Contractor shall devote up to 87 hours per month for the ongoing work and additional up to 45 hours per quarter for the performance of the Services (which together represent in practice the scope of approx. 55% of full time position) (The &ldquo;<U>Increase in Services Hours</U>&rdquo;)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">3.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">In consideration for the Increase in Services Hours, Contractor has agreed to be compensated with an option to purchase up to 150,000 Ordinary Shares of the Company, par value NIS 0.01 each, which terms shall be determined by the Company&rsquo;s Compensation Committee and Board of Directors, and as further detailed under the Option Agreement attached hereto as <B><U>Annex A</U></B> (the &ldquo;<U>Option Agreement</U>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
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    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">4.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">Contractor understand and agrees that he (or any agent, representative, counsel, successor, and any third party which he is or will be engaged with, including without limitation, Baseline) shall not be entitled to any additional consideration pursuant to the Increase in Services Hours (including, without derogating from the generality of the aforementioned, any cash or cash-equivalent compensation of any kind).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
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    <TD STYLE="width: 47px; font: 10pt/115% Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">5.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">The Agreement, as amended hereby, shall continue in full force and effect as originally constituted and is hereby ratified and affirmed by the Parties. Any contradiction in meaning and/or interpretation between the Agreement and this Amendment shall have the meaning and/or be interpreted in light of this Amendment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>[Signature Page to Follow]</I></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in"><I></I></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Execution
Copy</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the parties have duly executed
this Amendment as of the date first written above.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">/s/
    Guy Goldin</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">/s/
    Therapix Biosciences Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Guy Goldin&nbsp;</B></P></TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Therapix Biosciences
                    Ltd.</B></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Execution
Copy</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Annex A</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Option Agreement</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">This
Option Agreement, made this 5<SUP>th</SUP> day of May, 2016, by and between </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
Biosciences Ltd.<FONT STYLE="font-weight: normal">, a public company incorporated under the laws of the State of Israel, of 5
Azrieli Center Square Tower 27th Fl., Tel-Aviv 6702501, Israel (the &quot;</FONT>Company<FONT STYLE="font-weight: normal">&quot;),
and </FONT>Guy Goldin, <FONT STYLE="font-weight: normal">ID No.</FONT> <FONT STYLE="font-weight: normal">029410768,
of ____________ (the &quot;</FONT>Optionee<FONT STYLE="font-weight: normal">&quot;).</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS<FONT STYLE="font-weight: normal">,
on December 17, 2015, the Company duly adopted and the Board approved Company&rsquo;s 2015 Share Option Plan, a copy of which
attached hereto as </FONT><U>Exhibit A</U><FONT STYLE="font-weight: normal">, forming an integral part hereof (the &ldquo;</FONT>Plan<FONT STYLE="font-weight: normal">&rdquo;);
and </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS<FONT STYLE="font-weight: normal">,
pursuant to the Plan, the Company has decided on March 22, 2016, to grant the Optionee an Option to purchase Shares of the Company
to the Optionee, and the Optionee has agreed to such grant, subject to all the terms and conditions as set forth in the Plan and
as provided herein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW,
THEREFORE<FONT STYLE="font-weight: normal">, it is agreed as follows:</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Preamble
and Definitions</U><FONT STYLE="font-weight: normal">. The preamble to this Option Agreement constitutes an integral part hereof.
Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Plan.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Grant
of Options</U><FONT STYLE="font-weight: normal">.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby grants to the Optionee or the Trustee (in the case of grants designated as grants made through a trustee pursuant
to Section 102 (a &quot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">102 Option<FONT STYLE="font-weight: normal">&quot;))
an option to purchase such number of Shares as set forth in </FONT><U>Exhibit B</U><FONT STYLE="font-weight: normal"> hereto (the
&quot;</FONT>Option<FONT STYLE="font-weight: normal">&quot;); upon payment of the Option Exercise Price (as set forth in <U>Exhibit
B</U>), subject to the terms and the conditions as set forth in the Plan and as provided herein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee is aware that the Company intends in the future to issue additional shares and to grant additional options to various
entities and individuals, as the Company in its sole discretion shall determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Option is subject to the approval of the Tel Aviv Stock Exchange Ltd. (&quot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TASE<FONT STYLE="font-weight: normal">&quot;)
to the registration for trade of the shares resulting from the exercise of the Option. &nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Period
of Option and Conditions of Exercise</U><FONT STYLE="font-weight: normal">.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option Agreement shall commence on the Date of Grant and terminate 10 (ten) years thereafter, as specified in <U>Exhibit B</U>
hereto, or at such time on which the Option expires pursuant to the terms of the Plan or this Option Agreement, unless determined
otherwise by the Board of Directors of the Company (the &quot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expiration
Date<FONT STYLE="font-weight: normal">&quot;). </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option may be exercised only to purchase whole Shares, and in no case may a fraction of a Share be purchased. If any fractional
Share would be deliverable upon exercise, such fraction shall be rounded up one-half or less, or otherwise rounded down, to the
nearest whole number.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Adjustments</U><FONT STYLE="font-weight: normal">.
</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in Section 9.1 of the Plan and in addition thereto, if in any such Transaction as described in Section
9.1 of the Plan, the Successor Company (or parent or subsidiary of the Successor Company) does not agree to assume or substitute
for the Option, the Vesting Dates shall be accelerated so that any unvested Option or any portion thereof shall be immediately
vested as of the date which is ten (10) days prior to the effective date of the Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of Shares purchasable upon the exercise of this Option and the payment of the Option Exercise Price shall be subject to
adjustment from time to time or upon exercise as provided in this Section 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Vesting;
Period of Exercise</U><FONT STYLE="font-weight: normal">. </FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Plan, Options shall vest and become exercisable according to the Vesting Dates set forth in</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
<FONT STYLE="font-weight: normal"><U>Exhibit B</U></FONT> <FONT STYLE="font-weight: normal">hereto, <I>provided</I> that there
has not been termination of Optionee&rsquo;s employment or services with the Company and/or its Affiliates on the applicable Vesting
Date.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
unexercised Options granted to the Optionee shall terminate and shall no longer be exercisable on the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exercise
of Options</U><FONT STYLE="font-weight: normal">. </FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
may be exercised in accordance with the provisions of Section 10.1 of the Plan and subject to the directives of the TASE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for the Company to issue Shares upon the exercise of any of the Options, the Optionee hereby agrees to sign any and all
documents required by any applicable law and/or by the Company's incorporation documents or by the Company or the Trustee. The
Optionee further agrees that in the event that the Company and its counsel deem it necessary or advisable, in their sole discretion,
the issuance of Shares may be conditioned upon certain representations, warranties, and acknowledgments by the Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 6.5 and 6.6 of the Plan and, when applicable, subject to the provisions of Section 102, any Shares acquired upon the
exercise of the Option shall be voted by an Irrevocable Proxy and Power of Attorney, attached hereto as </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exhibit
C</U><FONT STYLE="font-weight: normal">. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be obligated to issue any Shares upon the exercise of an Option if such issuance, in the opinion of the Company,
might constitute a violation by the Company of any provision of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Restrictions
on Transfer of Options and Shares</U><FONT STYLE="font-weight: normal">. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-weight: normal">The
transfer of Options and the transfer of Shares to be issued upon exercise of the Options shall be subject to the limitations set
forth in the Plan and in the Company&rsquo;s incorporation documents, or in any applicable law including securities law of any
jurisdiction.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee shall not dispose of any Shares in transactions, which violate, in the opinion of the Company, any applicable laws, rules
and regulations. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee agrees that the Company shall have the authority to endorse upon the certificate or certificates representing the Shares
such legends referring to the foregoing restrictions, and any other applicable restrictions as it may deem appropriate (which
do not violate the Optionee's rights according to this Option Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any 102 Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures promulgated
thereunder, an Optionee shall not sell or release from trust any Share received upon the exercise of an 102 Option and/or, as
the case may be, any share received subsequently following any realization of rights and any additional rights issued in respect
of the 102 Option or shares received subsequently, including without limitation, bonus shares, until the lapse of the Lock-Up
Period required under Section 102, as shall be in effect from time to time. Notwithstanding the above, if any such sale or release
occurs during the Lock-Up Period, the sanctions under Section 102 and under any rules or regulation or orders or procedures promulgated
thereunder shall apply to and shall be borne by such Optionee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Taxes;
Indemnification</U><FONT STYLE="font-weight: normal">. </FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-weight: normal">Any
tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any other
event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be borne solely by the Optionee.
The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the requirements under the applicable laws,
rules, and regulations, including withholding taxes at source. Furthermore, the Optionee hereby agrees to indemnify the Company
and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest
or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to the Optionee.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee will not be entitled to receive from the Company and/or the Trustee any Shares allocated or issued upon the exercise
of Options and any additional rights issued in respect of the 102 Option or shares received subsequently, including without limitation,
bonus shares prior to the full payments of the Optionee&rsquo;s tax liabilities arising from Options which were granted to him
and/or Shares issued upon the exercise of Options. For the avoidance of doubt, neither the Company or the Trustee shall not be
required to release any share certificate to the Optionee until all payments required to be made by the Optionee have been fully
satisfied. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
receipt of the Options and the acquisition of the Shares to be issued upon the exercise of the Options may result in tax consequences.
</FONT><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">The Optionee is advised
to consult a tax adviser with respect to the tax consequences of receiving or exercising this Option or disposing of the Shares<FONT STYLE="font-weight: normal">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">With
respect to Approved 102 Options, the Optionee hereby acknowledges that Optionee is familiar with the provisions of Section 102
and the regulations and rules promulgated thereunder, including without limitations the type of Option granted hereunder and the
tax implications applicable to such grant. The Optionee accepts the provisions of the trust agreement signed between the Company
and the Trustee, attached hereto as </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exhibit
D</U><FONT STYLE="font-weight: normal">, and agrees to be bound by its terms, including, without derogating of the aforementioned,
not to exercise the Shares except for as prescribed under Section 102.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Miscellaneous</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Obligation to Exercise Options</U></I>. The grant and acceptance of these Options imposes no obligation on the Optionee to exercise
it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Confidentiality</U>.
</I>The Optionee shall regard the information in this Option Agreement and its exhibits attached hereto as confidential information
and the Optionee shall not reveal its contents to anyone except when required by law or for the purpose of gaining legal or tax
advice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Continuation
of Service</U></I>. Neither the Plan nor this Option Agreement shall impose any obligation on the Company or an Affiliate to continue
the Optionee&rsquo;s employment and nothing in the Plan or in this Option Agreement shall confer upon the Optionee any right to
continue in the service of the Company and/or an Affiliate or restrict the right of the Company or an Affiliate to terminate such
service at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Entire
Agreement</U>. </I>Subject to the provisions of the Plan, to which this Option Agreement is subject, this Option Agreement, together
with the exhibits hereto, constitute the entire agreement between the Optionee and the Company with respect to Options granted
hereunder, and supersedes all prior agreements, understandings and arrangements, oral or written, between the Optionee and the
Company with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Failure
to Enforce</U>. </I>Not a Waiver. The failure of any party to enforce at any time any provisions of this Option Agreement or the
Plan shall in no way be construed to be a waiver of such provision or of any other provision hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Interpretation</U>.
</I>Any interpretation of this Option Agreement will be made in accordance with the Plan but in the event there is any contradiction
between the provisions of this Option Agreement and the Plan, the provisions of this Option Agreement will prevail.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Binding
Effect</U>. </I>This Option Agreement shall be binding upon the heirs, executors, administrators and successors of the parties
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notices</U>.
</I>All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered
mail or delivered by email or facsimile with written confirmation of receipt to the Optionee and/or to the Company at the addresses
shown on the letterhead above, or at such other place as the Company may designate by written notice to the Optionee. The Optionee
is responsible for notifying the Company in writing of any change in the Optionee&rsquo;s address, and the Company shall be deemed
to have complied with any obligation to provide the Optionee with notice by sending such notice to the address indicated below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Therapix     Biosciences Ltd</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Therapix
    Biosciences Ltd.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
    </FONT></TD>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elran
    Haber&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CEO</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I,
the undersigned, hereby acknowledge receipt of a copy of the Plan and accept the Option subject to all of the terms and provisions
thereof. I have carefully read and reviewed the Plan and this Option Agreement in its entirety, have had an opportunity to obtain
the advice of counsel prior to executing this Option Agreement, and fully understand all provisions of the Plan and this Option
Agreement. I agree to notify the Company upon any change in the residence address indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furthermore,
I hereby declare and agree that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
prior agreements, arrangements and/or understandings with respect to shares of the Company or options to purchase shares of the
Company which have not actually been issued or granted prior to execution of the Agreement shall be null and void and that only
the provisions of the Plan and/or the Agreement shall apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
am not a &quot;Controlling Shareholder&quot; as defined in Section 32(9) of the Income Tax Ordinance, and shall not be one after
the option allocation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
will inform the Trustee at the end of each year whether I am an Israeli resident.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
am obligated to provide any additional document and to sign any additional document or declaration required by the Trustee or
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/
    Guy Goldin</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Optionee</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
    <U>Guy Goldin</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>2015
SHARE OPTION PLAN</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>TERMS
OF THE OPTION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name
    of the Optionee:</B></FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guy
    Goldin</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date
    of Grant:</B></FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March
    22, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Designation:</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(Please
check the relevant box)</I></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746;
                                                         102                                          Option - Capital Gain Option (CGO)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9744;
        3(i) Option</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744;
        other</P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of Options granted:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise
    Price:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NIS
                                         1.011</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vesting
    Dates:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Option shall vest over a three (3) year period, on a quarterly basis, such that 1/12
                                         Shares shall vest upon the end of each quarter commencing on the Date of Grant.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expiration
    Date</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February
    16, 2026, subject to prior expiration as prescribed under the terms of the Plan.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
C</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>IRREVOCABLE
PROXY AND POWER OF ATTORNEY</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I,
the undersigned, Guy Goldin, hereby appoint Meitav Dash Trusts Ltd. or whomever shall replace it as trustee pursuant to Therapix
Biosciences Ltd.&rsquo;s (the &quot;<B>Company</B>&quot;) 2015 Share Option Plan (the &quot;<B>Trustee</B>&quot; and the &quot;<B>Plan</B>&quot;,
respectively) or whomever the Trustee shall designate (the Trustee and/or such designee shall be referred to hereafter as the
&quot;<B>Attorney</B>&quot;) as my proxy to participate and vote (or abstain) for me and on my behalf as the Attorney at his sole
discretion shall deem appropriate, on all matters and at all meetings of shareholders (whether ordinary, extraordinary or otherwise)
of the Company, on behalf of all the shares and/or options of the Company held by the Trustee on my behalf and hereby authorize
and grant a power of attorney to the Attorney as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
hereby authorize and grant power of attorney to the Attorney for as long as any shares and/or options which were allotted or granted
on my behalf are held by the Trustee or registered in his name, or for as long as the certificates representing any shares are
held by the Trustee, to exercise every right, power and authority with respect to the shares and/or options and to sign in my
name and on my behalf any document (including any agreement, including a merger agreement of the Company or an agreement for the
purchase or sale of assets or shares (including the shares of the Company held on my behalf) and any and all documentation accompanying
any such agreements, such as, but not limited to, resolutions, decisions, requests, instruments, receipts and the like), and any
affidavit or approval with respect to the shares and/or options or to the rights which they represent in the Company in as much
as the Attorney shall deem it necessary or desirable to do so. In addition and without derogating from the generality of the foregoing,
I hereby authorize and grant power of attorney to the Attorney to sign any document as aforesaid and any affidavit or approval
(such as any waiver of rights of first refusal to acquire shares which are offered for sale by other shareholders of the Company
and/or any waiver of any preemptive rights to acquire any shares being allotted by the Company, in as much as such rights shall
exist pursuant to the Company&rsquo;s Articles of Association as shall be in existence from time to time) and/or to make and execute
any undertaking in my name and on my behalf if the Attorney shall, at his sole discretion, deem that the document, affidavit or
approval is necessary or desirable for purposes of any placement of securities of the Company, whether private or public (including
lock-up and/or market stand-off arrangements and undertakings), whether in Israel or abroad, for purposes of a merger of the Company
with or into another entity, whether the Company is the surviving entity or not, for purposes of any reorganization or recapitalization
of the Company or for purposes of any purchase or sale of assets or shares of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Proxy and Power of Attorney shall be interpreted in the widest possible sense, in reliance upon the Plan and upon the goals and
intentions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Proxy and Power of Attorney shall be irrevocable until such time as the rights of the Company and the Company&rsquo;s shareholders
are dependent hereon. The revocation of this Proxy and Power of Attorney shall in no manner effect the validity of any document
(as aforesaid), affidavit or approval which has been signed or given as aforesaid prior to the revocation hereof and in accordance
herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Proxy and Power of Attorney shall also apply to all shares and/or options in other entities issued or granted to or on behalf
of the undersigned and held by the Trustee in consideration or in exchange for, or by virtue of, any shares and/or options of
the Company in connection with any consolidation, merger, spin-off or like transaction with respect to the Company, and the term
&ldquo;Company&rdquo; when used herein shall include any other such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, I have executed this Proxy and Power of Attorney on the 5<SUP>th</SUP> day of May 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 40%; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/
    Guy Goldin</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
    <U>Guy Goldin</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I.D.
Number: 029410768</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONFIRMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I,
the undersigned, Elran Haber hereby confirm the signature of <U>Guy Goldin</U> which appears above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
Elran Haber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
D</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>TRUST
AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(unofficial translation from Hebrew original)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.35pt; text-align: justify; text-indent: 35.45pt"><B></B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">Executed in Tel Aviv on the 17 day
of December, 2015&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; text-align: right"><B>Between:</TD>
    <TD STYLE="text-align: right; width: 4%"></TD>
    <TD STYLE="text-align: justify">Meitav Dash Mutual Funds Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Derech Sheshet Hayamim
30, Bnei Brak</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Hereinafter - the &ldquo;<B>Trustee</B>&rdquo;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>One
side</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; text-align: right"><B>And:</TD>
    <TD STYLE="text-align: right; width: 4%"></TD>
    <TD STYLE="text-align: justify">Therapix Biosciences Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">I.D. 513581652</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Hereinafter
- the &ldquo;<B>Company</B>&rdquo;)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Second side</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt">WHEREAS</TD><TD STYLE="text-align: justify">On the date December 17, 2015 the Company adopted an employee stock option plan, as defined in
section 102 of the ordinance (the &quot;<B>Plan</B>&quot;);</TD></TR>                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt">WHEREAS</TD><TD STYLE="text-align: justify">According to the Plan, the company will allocate, from time to time, shares or options for Company
employees, executives, and consultants (together, the &quot;<B>Employees</B>&quot;) by means of a trustee;</TD></TR>                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt">WHEREAS</TD><TD STYLE="text-align: justify">According to the Plan, the shares will be allocated to the Trustee so that it may hold the shares
in a trust until the end of the exercise period of the allocated shares, as mentioned in the ordinance, the Income Tax Rules (Tax
Breaks in Employee Stock Allocation), 5763 &ndash; 2003 (the &quot;<B>Rules</B>&quot;), in the Plan, and in this trust agreement;</TD></TR>                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt">WHEREAS</TD><TD STYLE="text-align: justify">The Company chose Meitav Dash Mutual Funds Ltd. to act in trust on behalf of the Company for all
option and share allocations deriving from the Plan and the Trustee has given its approval to serve as a trustee for all employed
companies and their employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOW, THEREFORE, the Parties hereto agree
as follows:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">1.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">The recitals to this agreement are an integral and inseparable part
of the agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">2.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">According to the Plan, Company shares will not be allocated rather
the said shares will be allocated under the name of the Trustee and be held by the Trustee until the end of the time period, as
defined in section 102 of the ordinance.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">3.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Before the tax that applies is paid as stated in section 7 of the
Rules, the shares will not be available for transfer, assignation, mortgage, foreclosure, or any other lien by will and due to
the aforementioned no power of attorney or deed transfer will be given, regardless of whether it is to expire immediately or at
a future date, except for a transfer deriving from a will or by law; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt">If shares are
transferred in accordance with a will or by law, as mentioned above, the stated in clause 102 and the Rules will apply to the inheritance
or transferees of the employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">4.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">After the end of the holding period, every employee may request at
any time that the Transferee transfer the allocated shares under his/her name, provided that the Transferee does not transfer the
said shares until after such time that the applied tax from section 102 is paid and in accordance with the Rules (the &quot;<B>Applied
Tax</B>&quot;) and the Trustee holds in its possession approval of the Applied Tax from the tax official.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">5.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">If according to the terms of the Plan, options are allocated to the
employee or in consideration with the held shares, preferred shares are allocated to the employee, the respective options or preferred
shares shall be allocated under the Trustee's name. The employee shall be entitled to instruct the Trustee to fulfill the right
granted by the options or to realize the preferred shares after the expiration of the time period set forth in the Plan. Shares
subject to the rights shall be allocated to the Trustee in accordance with the stated in section 2 of the Rules, and the contents
of the Plan will apply to them, including choice of tax track and the instructions of this trust agreement, however the time period
until expiration shall be counted commencing from the day the shares were allocated, respect of which the options or preferred
shares were granted.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt; padding: 0; text-indent: 0">6.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">The Company guarantees to the Trustee that no shares will be allocated
to employees in accordance with the Plan, if the employee has not declared that the instructions of clause 102 of the ordinance
and the tax path that applies are known to him/her, and that he/she agrees to the stated contents of this trust agreement and to
the commitment not to realize the shares before the end of the time period, as defined in section 102 of the ordinance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14.4pt Times New Roman, Times, Serif; margin: 0 2.2pt 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>In Witness Whereof the Parties
hereto have set their hands:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ <U>Meitav Dash Mutual Funds Ltd.</U></FONT></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ <U>Therapix Biosciences Ltd.</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>The Trustee</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>12
<FILENAME>filename12.htm
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<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.10</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Execution Copy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I></I>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>EMPLOYMENT AGREEMENT</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>This
Employment Agreement</B></FONT> (this &quot;<B>Agreement</B>&quot;) is made and entered into on this 16 day of February,
2016, by and between Therapix Biosciences Ltd., a public company organized under the laws of the State of Israel (the
&quot;<B>Company</B>&quot;) and Dr. Adi Zuloff-Shani, Israeli I.D No. 023823818, residing at Ramat Hasharon, Israel (the
&quot;<B>Employee</B>&quot;. The Company and Employee shall be sometimes referred to each as a &quot;<B>Party</B>&quot; and
collectively as the &quot;<B>Parties</B>&quot;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<U>
</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 72px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company desires to employ Employee on the terms and conditions set forth herein and Employee desires to be employed by the Company and enter into this Agreement on such terms and conditions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">NOW, THEREFORE, in consideration of
the mutual undertakings of the Parties, it is hereby agreed as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>duties and responsibilities</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing as of February 1, 2016 (the &quot;<B>Effective Date</B>&quot;), Employee shall be employed by the Company as CTO (the &quot;<B>Position</B>&quot;) and shall perform such duties and activities as are customarily performed by a CTO of a company and as shall be assigned to Employee from time to time by the Company's Chief Executive Officer (the &quot;<B>CEO</B>&quot;).<B> </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee shall report directly and only to the Company's CEO. Employee acknowledges and agrees that the Company may, from time to time, revise the terms and conditions of Employee's Position, <I><U>provided</U></I>, <I><U>however</U></I>, that such revision shall be made in accordance with Employee's skills and <I><U>provided</U></I>, <I><U>further</U></I>, that it shall not adversely affect Employee's employment terms or responsibilities with the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee shall devote her full working time and best efforts to the business and affairs of the Company and the performance of Employee's duties hereunder, and shall not undertake or accept any other employment or paid occupation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">The Company acknowledges
that the Employee has prior commitments to assist her former Employee, Macrocure Ltd., in relation with a law suit filed against
it in the U.S, as well as in the event of Macrocure Ltd. selling technology that was developed by the Employee. The Company will
have no objection to the Employee executing the said commitments to Macrocure Ltd., providing that (i) such activities do not and
may not diminish, conflict or otherwise adversely affect the performance of the Employee&rsquo;s duties pursuant to this Agreement,
and (ii) Employee shall promptly notify the Company of any such matter or activity.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee shall be employed at the Company's facilities as shall be decided by the Company's CEO. Employee acknowledges and agrees that the performance of Employee's duties may also require travel outside of Israel, at the Company's request and expense.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee's liability towards the Company shall be that of an office holder under the Companies Law-1999 and any other applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 28.35pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>TERM AND TERMINATION</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement and the employer-employee relationship created hereunder shall enter into effect as of the Effective Date and shall remain in force and effect unless and until terminated as provided herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either Party may terminate this Agreement by providing the other Party with a prior written notice. The notice period shall be thirty (30) days prior written notice, (the &quot;<B>Notice Period</B>&quot;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the Company may terminate this Agreement and the employer-employee relationship hereunder at any time, and without derogating from any other remedy to which the Company may be entitled, for Cause (as hereinafter defined), by providing Employee written notice thereof. In such event, this Agreement and the employer-employee relationship hereunder shall be deemed effectively terminated as of the date of delivery of such notice.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">The term &quot;<B>Cause</B>&quot;
shall mean,: (i) a breach by Employee of any of the material terms or conditions of this Agreement, including but not limited to
Sections 4 and 5 below; or (ii) Employee's willful misconduct, or action of personal dishonesty, bad faith or breach of trust towards
the Company or any of its subsidiaries and/or affiliates; or (iii) the commission by Employee of a criminal offense, or fraud against
the Company and/or any of its subsidiaries and/or affiliates; or (iv) circumstances that deny Employee to severance payment under
any applicable law and/or under any judicial decision of a competent tribunal authority.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Notice Period, Employee shall continue working and shall cooperate with the Company and use her best efforts to assist the integration of the person or persons who will assume Employee's responsibilities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">Notwithstanding, the
Company shall have the right, at any time during the Notice Period, to terminate the employment relationship immediately, in which
case the Company shall pay Employee the Salary due for the remaining period of the Notice Period, and the benefits set forth in
Sections 3.3 and 3.4 below.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the earlier of (a) the date of termination of the Notice Period; and (b) the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause then immediately upon termination of employment), Employee shall return to the Company, at its principal office, any and all Company equipment, property and documents in Employee's possession or control.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any outstanding payment due by Employee to the Company in connection with Employee's employment shall be repaid by Employee by the earlier of (a) the date of termination of the Notice Period or (b) the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause then immediately upon termination of employment). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7.</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions of Sections 3.3.4, 3.10 and 6.5 below and the provisions of the Undertaking (as defined below), will remain in full force and effect after termination or expiration of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>3.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Salary and benefits</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In full consideration for Employee's
services hereunder, Employee shall be entitled to the following payments and benefits, effective as of the Effective Date:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Salary</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Employee shall be entitled to a gross monthly salary of NIS 25,200 (the &quot;<B>Base Salary</B>&quot;). In consideration for overtime hours the Employee shall receive a global payment of NIS 6,300 per month (the &quot;<B>Overtime Payment</B>&quot;), payable regardless of the amount of overtime hours actually performed. Employee specifically acknowledges the special nature of the Position, and agrees that her duties and responsibilities may entail irregular work hours and extensive traveling in Israel and abroad, for which she is adequately rewarded by the compensation provided for in this Agreement. The Base Salary and the Overtime Payment shall be referred to herein as the &quot;<B>Salary</B>&quot;. The Overtime Payment is meant to compensate the Employee for working overtime and/or in off-days (including weekends and holidays). The Overtime Payment shall be regarded as part of the Salary for determining Employee's rights for severance pay, Manager's Insurance/Pension Fund and Education Fund.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Salary may be adjusted from time to time according to government directives and other adjustments as may be required by applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is agreed between the Parties that the position that Employee holds within the Company is a management position, which demands a special level of loyalty, and accordingly, the Work Hours and Rest Law&nbsp;(1951) shall not apply to Employee's employment by the Company and this Agreement. Employee further acknowledges that the compensation payable hereunder includes benefits that would otherwise not be due to Employee pursuant to applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.4</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Salary shall be payable monthly in arrears, in accordance with the Company's usual practice, by the 9<SUP>th</SUP> day of the following calendar month.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Evaluation of Performance; Annual Bonus</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Six months following the Effective Date the Company will evaluate the Employee's performance and discuss the Employee's Salary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of every year of employment, the Company will evaluate the Employee's performance and discuss the Employee's Salary for the following year.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.3</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of every year of employment, the Company may consider paying the Employee a bonus, depending on her performance, the Company's performance, and subject to the recognition of the Board of the successful achievement of Company measureable objectives as shall be set forth in the Company's annual work plan determined by the Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="width: 47px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.4</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing in this Section 3.2 shall be interpreted as an undertaking or an obligation by the Company to increase Employee's Salary, grant an annual bonus, amend any other terms and social benefits provided hereunder or an entitlement of the Employee to additional compensation hereunder, and any such decision, if resolved, shall be subject to the Company's sole discretion (and the obtainment of all corporate approvals, to the extent required), taking into account, inter alia, the financial resources of the Company and contemplated work plans. Employee shall not hold any demand, allegations or claims against the Company in connection with the above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Manager's Insurance; Pension Fund</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall insure Employee under an accepted Manager's Insurance Policy (the &quot;<B>Policy</B>&quot;), and shall pay an amount equal to (i) 8.33% of the Salary on account of severance pay payable to Employee upon severance in accordance with the provisions of this Agreement; and (ii) 5% or 6% (as required under applicable law and the General Approval referred to below) of the Salary towards pension fund payments, subject to the deduction of 5% of the Salary to be paid towards the Policy on behalf of Employee. In addition, the Company shall pay an amount equal to up to 2.5% of the Salary towards disability insurance in favor of Employee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee may extend an existing policy or plan and/or incorporate it into the Policy, at Employee's discretion. In the event the Employee elects to be insured under a pension plan, the allocations set forth in Section 3.2.1 above shall be adjusted in accordance with the pension plans policies', <I><U>provided</U></I>, <I><U>however</U></I>, that in any event payments by the Company shall not exceed the amounts set forth in Section 3.2.1 above. In addition, all contributions and amounts under this Section 3.2 shall not exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and the regulations thereunder, whereupon such amounts shall be decreased accordingly.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.3</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During Employee's employment period with the Company, the Company shall be the sole owner of the Policy. Other than as set forth below, in the event of a termination of this Agreement, the Company shall transfer the title in and to the Policy to Employee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3.3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt">The Company and Employee agree and acknowledge that
    transfer of ownership of the severance portion of the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
    to the Employee as set forth in Section 3.2.3 above shall be lieu and not in addition to any entitlement of the Employee
    under any applicable law or this Agreement to severance pay, according to the General Approval of the Minister of Labor and
    Welfare, regarding<I> Employers' Payments to Pension Funds and Insurance Policies in Lieu of Severance Pay in Accordance with
    Section 14 of the Severance Pay Law 1963</I>, attached hereto as <B><U>Exhibit A</U></B> (the &quot;<B>General
    Approval</B>&quot;). Accordingly, the Company hereby waives any rights to said payments made to the Policy, except as set
    forth in the General Approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Education Fund (<I>Keren Hishtalmut</I>)</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">The Company shall pay
an amount equal to 7.5% of the Salary to an Education Fund (<I>Keren Hishtalmut</I>) designated by the Employee (the &quot;<B>Education
Fund</B>&quot;), and shall deduct from the Salary an amount equal to 2.5% of the Salary on behalf of Employee, and shall pay such
amounts to the Education Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">In the event that contributions
or amounts set forth hereinabove shall exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and/or the regulations
promulgated thereunder, then the Employee shall bear any and all taxes imposed thereupon.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Recreation Allowance</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">Employee shall be entitled
to annual recreation allowance (<I>Dmei Havra'a</I>) according to applicable law.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Vacation</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">Employee shall be entitled
to 20 paid vacation days (business days) per year (the &quot;<B>Vacation Days</B>&quot;). Each leave shall be coordinated with
the direct manager in advance, with adequate regard to the needs of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">Accumulation of any unused
Vacation Days due to Employee pursuant to the Annual Vacation Law - 1951 (the &quot;<B>Vacation Law</B>&quot;), shall be subject
to the provisions of the Vacation Law. Vacation Days exceeding such number of Vacation Days accruable by Employee pursuant to the
Vacation Law from time to time, shall not be accumulated by Employee.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">Subject to applicable law,
accrued vacation days shall not be redeemable by Employee<FONT STYLE="text-transform: uppercase"><U> </U></FONT>until and subject
to termination of employment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="padding-right: 57pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sick Leave</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">Employee shall be entitled
to paid sick leave pursuant to applicable law. Payments by the Company of sick leave days in connection with disability payments
shall be set-off against payments received by Employee pursuant to Section 3.2 above.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Options</U>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.1</FONT></TD>
    <TD STYLE="padding-right: 3.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to and following (i) the sole discretion and approval of the Board and any applicable Company organs, law or regulation, if and to the extent required (ii) the Company's Compensation Policy then in effect, or as otherwise determined by the Company and approved by the Company's relevant organs, and (iii) the execution by Employee of a customary option agreement in a form approved by the Board, Employee shall be granted with an option to purchase up to 500,000 Ordinary Shares of the Company, par value NIS 0.01 each, under the Plan (the &quot;<B>Shares</B>&quot; and collectively, the &ldquo;<B>Option</B>&rdquo;) constituting approximately 1.5% of the Company's issued share capital on an issued basis. The Option shall be issued pursuant to and in accordance with the capital gains route under Section 102B of the Israeli Tax Ordinance, shall be subject to the provisions of the Plan, and shall vest over a 3 year period, on a quarterly basis. The exercise price of the Option shall be in accordance with the provisions of Company's Compensation Policy applicable to such determination of exercise price.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.2</FONT></TD>
    <TD STYLE="padding-right: 3.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The grant of the Option shall be subject to the obtainment by the Company of all (i) applicable corporate approvals, including, without limitation, approvals by the Board and the shareholders of the Company; and (ii) completion of appropriate filings with and obtainment of the required approvals of the Israeli Securities Authority, the Tel Aviv Stock Exchange and the OTCQB, to the extent required.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.3</FONT></TD>
    <TD STYLE="padding-right: 3.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case a regulatory approval (if indeed shall be required) is not obtained, for reasons beyond the Company&rsquo;s control, this shall not be considered to be a breach by the Company of this agreement, Employee shall not hold any demand, allegations or claims against the Company in connection with the Company's failure to obtain such regulatory approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.4</FONT></TD>
    <TD STYLE="padding-right: 3.55pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing herein shall be construed as an obligation to grant any options to the Employee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mobile Phone</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 3.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 3.55pt 0 28.35pt; text-align: justify">Employee shall be entitled
to NIS 200 (net) for each month for expenses related to mobile phone usage, plus any reasonable phone expenses incurred by the
Employee while abroad on Company business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 3.55pt 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Car Expenses</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">The Company shall reimburse
Employee for (i) travel expenses, in the amounts prescribed by applicable law, and (ii) petrol incurred in connection with the
fulfillment of her duties hereunder, in the amount of up to NIS 1,000 (net) per month. Reimbursement shall be made upon payment
of the Salary and against the submission of applicable receipts by Employee to the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all benefit, right or payment to which Employee is entitled pursuant to this Agreement shall be calculated based on the Salary only, excluding any additional compensation, payment or reimbursement payable to Employee hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.12</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee will bear any and all taxes applicable to Employee in connection with amounts paid by Employee and/or the Company pursuant to this Section 3. The Company shall legally deduct and withhold income tax payments and other obligatory payments, such as social security and mandatory health insurance, from all of the payments which shall be paid to Employee hereunder and pursuant to applicable law, including all taxes imposed on any benefits granted to Employee and on any part of the benefits which exceeds maximum exemption(s) provided by law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>4.</B></FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>CONFIDENTIALITY, proprietary RIGHTS AND NON-COMPETITION</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -1.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">Upon
execution hereof, Employee shall execute and deliver the Confidentiality, Proprietary Rights and Non-Competition Undertaking attached
hereto as <B><U>Exhibit B</U></B> (the &quot;<B>Undertaking</B>&quot;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.55pt 0 28.35pt; text-align: justify; text-indent: -1.4pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>5.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Employee
    Representations and Warranties</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">Employee
hereby represents and warrants to the Company as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee has the necessary skills, knowledge, ability, expertise and experience to fulfill her obligations hereunder, shall do so diligently, professionally and conscientiously and shall comply with the regulations and procedures of the Company. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The execution and delivery of this Agreement and the fulfillment of the terms hereof will constitute the valid, binding and enforceable obligations of Employee and will not violate, conflict with or constitute a default under or breach of any agreement and/or undertaking and/or instrument, judgment or order to which the Employee is a party or by which he is bound, or any provision of law, rule or regulation applicable to the Employee, and do not require the consent of any person or entity. In the performance of Employee's obligations hereunder, Employee will not make use of (i) any confidential or proprietary information belonging to any third party, or (ii) any information to which Employee is restricted from disclosing or using due to contractual undertakings or by law. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee will not accept, whether during the term of this Agreement or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration, from any third party in connection with Employee's employment with the Company, without the Company's prior written authorization. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">The company hereby authorizes
that the Employee will act as a paid advisor to Macrocure Ltd. as described in Section 1.3 above and subject to the extent and
limitations provided thereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Employee undertakes to use the Company's equipment and facilities only for the purpose of the provision of the services. The Employee acknowledges and agrees that the Company is entitled to conduct inspections within the Company's offices and on the Company's computers, including inspections of electronic mail transmissions, Internet usage and inspections of their content, for the Company's relevant needs. For the avoidance of any doubt, it is hereby clarified that all examination's finding shall be the Company's sole property. It is further agreed that the e-mail box which the Company shall provide to the Contractor shall be &quot;professional box&quot;, shall be used by the Employee solely for the provision of the services and shall not be used for personal purposes. The Employee acknowledges that the Company may inspect such e-mail box and agrees that such inspection shall not be deemed a violation of the Employee's privacy and/or other rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>6.</B></FONT></TD>
    <TD STYLE="padding-right: 0.5in;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Compensation
    Policy</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee declares and confirms, that he is familiar and aware that the Company has adopted a compensation policy pursuant to the provisions of the Companies Law 5759-1999 (the &quot;<B>Compensation Policy</B>&quot;, and the &quot;<B>Law</B>&quot;, respectively), and that the terms of this Agreement are subject to and shall be aligned with the provisions and guidelines of the Compensation Policy in force, unless otherwise determined from time to time by the Company and approved by the Company's relevant organs. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that this Agreement and/or any of its provisions shall be proclaimed and/or considered by a competent authority not aligned with the Compensation Policy and not in accordance with the provision of the Law (&quot;<B>Conflicting Provision</B>&quot;), then the parties shall cooperate to adjust any Conflicting Provision with the Compensation Policy or to approve such Conflicting Provisions by the Company's relevant organs, in accordance with applicable law and regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without derogating from the Employee&rsquo;s rights under this Agreement, in the event that the abovementioned adjustment is not possible, the Employee shall not have any demand, allegations or claims against the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without derogating from the provisions of the Compensation Policy, to the extent that any amount or fees paid to the Employee hereunder other than the Employee's Salary, shall be revealed, within three (3) years of the payment thereof, to have been paid based on erroneous calculations that have been restated in the Company's financial statements, the Employee shall repay the Company amount paid in excess as aforesaid; all in accordance with the provisions of the Compensation Policy. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>7.</B></FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Securities
    Internal Compliance Plan; Insider Trading Policy</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">Employee
declares and confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance Plan (the &quot;<B>Internal
Compliance Plan</B>&quot;), and is familiar with its terms, obligations and restrictions, and shall act in accordance with the
provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from time to time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;<B>&nbsp;</B></P>

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    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>8.</B></FONT></TD>
    <TD STYLE="padding-right: 0.5in;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Miscellaneous</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Preamble; Exhibits; Headings; Interpretation</U>. The preamble to this Agreement, and the Exhibits attached hereto, constitute an integral part hereof. Section headings contained herein are for reference and convenience purposes only and shall not in any way be used for the interpretation of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall insure Employee under the Company's officers&rsquo; insurance policy, in accordance with its terms.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement shall not invoke the provisions of any collective bargaining agreement (Heskem Kibutsi), collective arrangement (Hesder Kibutzi), extension orders (Tzavei Harhava) or any other law, except and only to the extent so mandated by law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire Agreement</U>. The Parties confirm that this is a personal services contract and that the relationship between them shall not be subject to any general or special collective employment agreement or any custom or practice of the Company in respect of any of its other employees or contractors. This Agreement, together with the Exhibits hereto, constitute the entire agreement between the parties with respect to the subject matters hereof and thereof and supersede all prior agreements, understandings and arrangements, oral or written, between the parties with respect to the subject matters hereof and thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment; Waiver</U>. Any term of this Agreement may be amended only with the written consent of the Parties. The observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) only with the written consent of the Party against which such waiver is sought. No waiver by either Party at any time to act with respect to any breach or default by the other Party of, or compliance with, any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Successors and Assign; Assignment</U>. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns. Neither this Agreement or any of the Employee's rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred by Employee without the prior consent in writing of the Company, except by will or by the laws of descent and distribution. The Company may freely assign and/or transfer this Agreement and any of its rights, privileges, or obligations hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing Law; Jurisdiction</U>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the rules with respect to conflicts-of-law. Any dispute arising out of, or relating to this Agreement, its interpretation or performance hereunder shall be resolved exclusively by the competent court of the Tel Aviv-Jaffa district, and each of the parties hereby submits exclusively and irrevocably to the jurisdiction of such court.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>. If any term or provision of this Agreement shall be declared invalid, illegal or unenforceable, then such term or provision shall be enforceable to the extent that a court shall deem it reasonable to enforce such term or provision and, if any such term or provision shall be held by any competent court to be unreasonable to enforce to any extent, such term or provision shall be severed and all remaining terms and provisions shall be unaffected and shall continue in full force and effect.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.9.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>. Each notice and/or demand given by a party pursuant to this Agreement shall be in writing and sent by registered mail to the other party at the address appearing in the caption of this Agreement, and such notice and/or demand shall be deemed given at the expiration of seven (7) days from the date of mailing by registered mail or immediately if delivered by hand. Such address shall be effective unless notice of a change in address is provided by registered mail to the other party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
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    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.10.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The execution, delivery and performance of this Agreement is subject to the obtainment of all applicable corporate and regulatory approvals, if and to the extent necessary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">[<FONT STYLE="text-transform: uppercase">The
remainder of this page was intentionally left blank</FONT>]</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signature Page to Employment Agreement</I>]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the parties have
executed this Employment Agreement as of the day and year first above written:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT><FONT STYLE="font-weight: normal; font-style: normal">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix Biosciences Ltd.&#9;</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;/s/
    Dr. Adi Zuloff-Shani</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix
                    Biosciences Ltd.&#9;</B></FONT></P>

</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Dr.
                                         Adi Zuloff-Shani</B></P>

</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unofficial
translation from Hebrew original)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A
General Approval regarding Employers' Payments to a Pension Fund and Insurance Fund in lieu of Severance Pay<SUP>1</SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the authority vested in me under Section 14 of the Severance Pay Law - 1963 (the &quot;Law&quot;), I hereby confirm that the
payments paid by an employer effective with publication date of publication of this approval for his employees to a comprehensive
pension in a provident fund that is not an insurance fund within the meaning of the Income Tax Regulations (rules on the approval
and management of provident funds) - 1964 (the &quot;Pension Fund&quot;), or to managers' insurance including the possibility
of an annuity or a combination of payments to annuity plan and to a plan that is not for a pension in such insurance fund (the
&quot;Insurance Fund&quot;), including payments paid through a combination of payments to a pension and Insurance Funds, whether
or not there is a pension plan in the Insurance Fund (the &quot;Employer Payments&quot;), will be in lieu of the severance pay
due to the employee in respect of the salary from which said payments were made and for the period payments were made (the &ldquo;Exempt
Wage&rdquo;) provided that all of the following were met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #222222">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #222222">Employer
                                         Payments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         a pension fund, payments that are not less than 14 1/3% of the Exempt Wage or 12% of
                                         the Exempt Wage if the employer pays for his employee payments in addition to supplement
                                         severance pay to the severance pay fund or to insurance fund in the name of employee
                                         at a rate of 2 1/3% of the Exempt Wage. If the employer does not pay in addition to 12%
                                         the 2 1/3% as above, the payments will be in lieu of only 72% of the employee's severance
                                         pay;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         an insurance fund, payments that are not less than one of the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13
                                         1/3% of the Exempt Wage if the employer pays for his employee also payments to secure
                                         monthly income in the event of work disability in a plan approved by the commissioner
                                         of capital market and insurance and savings in the Ministry of Finance at a rate required
                                         to secure at least 75% of the Exempt Wage or 2.5% of the Exempt Wage, whichever is lower
                                         (&quot;Payment for Work Disability Insurance&quot;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11%
                                         of the Exempt Wage if the employer paid insurance payments for work disability insurance
                                         and in this case the Employer Payments will be in lieu of 72% of the severance pay of
                                         the employee provided that; the employer paid in addition to these payments also payments
                                         for supplementing the severance pay severance to severance pay fund or to an insurance
                                         fund in the name of the employee at the rate of 2 1/3% of the Exempt Wage, the Employer
                                         Payments will be in lieu of 100% of the employee's severance pay.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
                                         later than three months after making the Employer Payments, a written agreement entered
                                         into between the employer and the employee containing the following &ndash;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -3.3pt; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         employee's consent to the arrangement according to this approval under the version specifying
                                         the payments of the employer and the pension fund and insurance fund, as the case may
                                         be; the agreement also shall include the version of this approval;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #222222">b) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #222222">a waiver of the employer</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
<FONT STYLE="color: #222222">in advance</FONT> <FONT STYLE="color: #222222">of any right</FONT> <FONT STYLE="color: #222222">it
may have for a</FONT> <FONT STYLE="color: #222222">refund</FONT> <FONT STYLE="color: #222222">of monies</FONT> <FONT STYLE="color: #222222">from
his payments</FONT> <FONT STYLE="color: #222222">unless</FONT> <FONT STYLE="color: #222222">the employee's right</FONT> <FONT STYLE="color: #222222">to
severance pay</FONT> <FONT STYLE="color: #222222">was denied</FONT> <FONT STYLE="color: #222222">in a ruling</FONT> <FONT STYLE="color: #222222">under
section 17 of the Law</FONT> <FONT STYLE="color: #222222">and to the extent</FONT> <FONT STYLE="color: #222222">such right was
denied</FONT>, or in the event that the employee <FONT STYLE="color: #222222">withdrew money</FONT> <FONT STYLE="color: #222222">from
the pension fund</FONT> <FONT STYLE="color: #222222">or</FONT> the <FONT STYLE="color: #222222">insurance fund not</FONT> <FONT STYLE="color: #222222">due
to a qualifying event</FONT>; <FONT STYLE="color: #222222">In this regard</FONT>, <FONT STYLE="color: #222222">&quot;</FONT>qualifying
event&quot; <FONT STYLE="color: #222222">-</FONT> <FONT STYLE="color: #222222">death, disability</FONT>, <FONT STYLE="color: #222222">or
retirement</FONT> <FONT STYLE="color: #222222">at age</FONT> of <FONT STYLE="color: #222222">sixty</FONT> <FONT STYLE="color: #222222">or
more</FONT>.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify; color: #222222"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         approval does not derogate from the employee's severance pay right under the Law, collective
                                         agreement, expansion order or labor agreement in respect of wages in excess of the Exempt
                                         Wage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1
</SUP>Law published 5758, 4394; 5760, 5; 5761, 1949.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CONFIDENTIALITY, <FONT STYLE="text-transform: uppercase">proprietary</FONT>
RIGHTS AND NON-COMPETITION UNDERTAKING</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following Undertaking confirms certain
terms of my employment with <B>Therapix Biosciences Ltd.</B> (for the purpose of this Undertaking, including its subsidiaries,
parent companies and/or affiliated entities, the &quot;<B>Company</B>&quot;), which is a material part of the consideration for
my employment by the Company and the compensation received by me from the Company from time to time. Capitalized terms not defined
herein shall have the meaning ascribed to them in the Employment<B> </B>Agreement to which this Undertaking is attached (the &quot;<B>Employment
Agreement</B>&quot;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Confidentiality
    </U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.</FONT></TD>
    <TD STYLE=" line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I acknowledge that in the course of my employment with the Company I may (or may have) receive(d), learn(ed), be(en) exposed to, obtain(ed), or have (had) access to non-public information relating to the Company, its business, operations and activities, including without limitation any commercial, financial, business or technical information, inventions, developments, processes, specifications, technology, know-how and trade secrets, information regarding marketing, operations, plans, activities, customers, suppliers, business partners, subsidiaries, parent companies, affiliated entities etc. (&quot;<B>Confidential Information</B>&quot;), and hereby undertake: <I>(a)</I>&nbsp;to maintain the Confidential Information in strict confidence at all times and not to communicate, publish, reveal, describe, allow access to, divulge or otherwise disclose, expose or make available the Confidential Information in whole or in part, to any person or entity, all whether directly or indirectly, and whether in writing or otherwise; and <I>(b)</I>&nbsp;not to use the Confidential Information for any purpose other than for the performance of my employment obligations. I further recognize that the Company may receive confidential or proprietary information from third parties, subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. Such information shall also be deemed &quot;Confidential Information&quot; hereunder, <I>mutatis mutandis</I>.<U> </U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, I represent and warrant that I will keep the terms and conditions of the Employment Agreement and this Undertaking strictly confidential and will not disclose it to any third person, other than my husband (provided he shall abide and comply with the terms of this Undertaking and that any breach by him of this Undertaking shall be deemed a breach by me), attorneys, accountants and tax advisors unless and to the extent required by applicable law and subject to prior written notice to the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the earlier of the Company's request or the termination of my employment, I shall return to the Company any and all documents and other tangible materials containing Confidential Information, and shall erase or destroy any computer or data files in my possession containing Confidential Information, such that no copies or samples of Confidential Information shall remain with me.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without derogating from the above, all Confidential Information made available to, received by, or generated by me shall remain the property of the Company (or its respective owners), and no license or other right in or to the Confidential Information is granted hereby. Any and all material (including without limitation, files, records, documents, design, drawings, specifications, equipment, notebooks, notes, memoranda, diagrams, blueprints, bulletins, formula, reports, analyses, computer programs, software) and data of any kind relating to Confidential Information and/or Proprietary Rights (as defined below), whether prepared by the undersigned or otherwise coming or having come into my possession, and whether or not marked or classified as Confidential Information, shall remain the exclusive property of the Company (or its respective owners).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>2.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Proprietary
    Rights</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I acknowledge and agree that any and all discoveries, inventions, ideas, developments, technology, products, improvements, derivations, modifications, mask works, trade secrets, concepts, ideas, techniques, methods, processes materials, proceeds, know-how, designs, works of authorship, and proprietary information, whether or not patentable or otherwise protectable, invented, made, developed, discovered, conceived, conducted, reduced to practice, written, authored, compiled, produced and/or created, in whole or in part, by me, independently or jointly with others, (i)&nbsp;during my employment with the Company; or (ii) which result or arise from or relate to my employment with the Company, or work performed by or for the Company, or any Confidential Information; or (iii) with the use of any Company equipment, supplies, facilities, trade secrets or proprietary information of the Company; or (iv) which relate to the Company's business, technology or research and development, including any &quot;Service Inventions&quot;, as defined in the Israeli Patent Law &ndash; 1967, (collectively, the &quot;<B>Inventions</B>&quot;), and any and all right, title and interest in and to the Inventions, including without limitation, all patents, copyrights, trademarks, trade names, moral rights and other intellectual, industrial and/or proprietary rights and applications, extensions and renewals associated therewith (collectively and together with the Inventions, the &quot;<B>Proprietary Rights</B>&quot;), shall be the sole and exclusive property of the Company its successors and assigns, as shall be designated by the Company. My aggregate compensation terms in connection with my employment with the Company, include specific compensation for the assignment of such Proprietary Rights to the Company and I shall have no title, rights, claims or interest whatsoever in or with respect to the Proprietary Rights and specifically waive any right for additional compensation pursuant to Section 134 of the Israeli Patent Law - 1967. All works authored by me pursuant to the Employment Agreement, including without limitation the Inventions, shall be deemed &quot;work made for hire&quot;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I hereby irrevocably and unconditionally transfer and assign to the Company any and all of my rights, title and interest, now and hereafter acquired, in and to the Proprietary Rights, (without any payments, liabilities or restrictions to any person or third party) in any and all media now known or hereafter devised, and all claims and causes of action of any kind with respect to any of the foregoing, throughout the world in perpetuity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">In the event that pursuant
to any applicable law I retain any rights in and to the Proprietary Rights that cannot be assigned to the Company, I hereby unconditionally
and irrevocably waive the enforcement of all such rights, and all claims and causes of action of any kind with respect to any of
the foregoing and agree, at the request and expense of the Company, to consent to and join in any action to enforce such rights
and to procure a waiver of such rights from the holders of such rights, if any.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">In the event that I retain
any rights in and to Proprietary Rights that cannot be assigned to the Company and cannot be waived, I hereby grant the Company
an irrevocable, exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform, modify, change, reproduce,
publish and distribute, with the right to sublicense and assign such rights, and all claims and causes of action of any kind with
respect to any of the foregoing, in and to the Proprietary Rights, in any way the Company sees fit and for any purpose whatsoever.
Without derogating from the above, I hereby forever waive and agree never to assert any and all rights of paternity or integrity,
any right to claim authorship of any Invention, to object to any distortion, mutilation or other modification of, or other derogatory
action in relation to any Invention, and any similar right.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I will promptly disclose to the Company fully and in writing all Inventions but will otherwise keep the Inventions in strict confidence in accordance with the provisions of Section 1 above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I further agree and undertake to take all necessary measures and to fully cooperate with the Company, during and after the term of my employment, in order to perfect, enforce, and/or defend the Proprietary Rights, and effectuate the Company's title and interest therein, including without limitation as follows: <I>(i)</I>&nbsp;to keep accurate records relating to the conception and reduction to practice of all Proprietary Rights, which records shall be the sole and exclusive property of the Company and shall be surrendered to the possession of the Company, immediately upon their creation; and <I>(ii)</I>&nbsp;to provide the Company with all information, documentation, and assistance, including the preparation or execution, as applicable, of documents, declarations, assignments, drawings and other data, all such information, documentation, and assistance to be provided at no additional expense to the Company, except for out-of-pocket expenses incurred by me at the Company's request or with the Company's prior written consent. Without derogating from any of my obligations hereunder, I hereby appoint any officer of the Company as my duly authorized agent to execute, file, prosecute and protect the same before any government agency, court or authority.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 28.35pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>3.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Non-Competition;
    NON-SOLICITATION</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I agree and declare that, so long as I am employed by the Company and for a period of twelve (12) months thereafter, I will not, directly or indirectly, <I>(i)</I> engage in, participate, assist or become financially interested in, any business venture worldwide that is engaged in any activity competing with or similar to the business or technology of the Company as currently conducted and as proposed to be conducted from time to time; <I>(ii)</I> employ or otherwise engage, recruit or otherwise solicit, induce or influence any person to leave the employment or service of the Company; and <I>(iii)</I> solicit or encourage any customer, supplier or service provider to terminate or modify adversely its business relationship with the Company or otherwise intervene in any relationship between the Company and any of its employees, contractors, suppliers or consultants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I expressly acknowledge that the business objectives and targeted operating market of the Company are worldwide, and consequently the obligations prescribed in this Section&nbsp;3 shall apply on a worldwide basis.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">For the purposes of this
Section&nbsp;3, &quot;<B>directly or indirectly</B>&quot; includes doing business as an owner, partner, joint venturer, an independent
contractor, shareholder, director, officer, manager, broker, agent, employee, service provider or advisor, licensor or in any other
capacity whatsoever, but does not include holding up to 1% of the free market shares of any publicly traded companies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I hereby acknowledge that the provisions of this Section&nbsp;3 are reasonable to legitimately protect Confidential Information, Proprietary Rights and Company property (including intellectual property and goodwill) to which I, in my position in the Company, have been and will continue to be exposed, and that my compensation under the Employment Agreement incorporates special consideration with respect for these non-competition undertaking.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Ex B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
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    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-right: 28.35pt;  line-height: 115%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>GENERAL</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned understands and agrees that monetary damages would not constitute a sufficient remedy for any breach or default of the obligations contained in this Undertaking, and that the Company shall be entitled, without derogating from any other remedies, to seek injunctive or other equitable relief to remedy or forestall any such breach or default or threatened breach.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 38px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    provisions of the Employment Agreement relating to term and termination and the general provisions thereof shall apply to
    this Undertaking, <I>mutatis mutandis</I>.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">In
witness whereof</FONT>, I hereby affix my name and signature, on this 16 day of February, 2016.</P>

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    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-weight: normal; font-style: normal">/s/ Dr. Adi Zuloff-Shani</FONT></TD>
    <TD STYLE="width: 60%; padding-bottom: 1.5pt"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-weight: normal; font-style: normal">Name: Dr. Adi Zuloff-Shani</FONT></TD>
    <TD><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Ex B-4</P>

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<TYPE>EX-10.11
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 10.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: right; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consulting
and Services Agreement</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
agreement (the &ldquo;<U>Agreement</U>&rdquo;) is entered into as of this  16 day of February 2016 (the &quot;<U>Effective
Date</U>&quot;) between Therapix Biosciences Ltd. with principal offices at 5 Azrieli Center, 27th floor, Tel-Aviv 67025,
Israel and its subsidiaries (the &quot;<U>Company</U>&quot;) and Dr. Ascher Shmulewitz, of __________ (&ldquo;<U>Dr.
Shmulewitz</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company is a public company whose securities are traded on the Tel-Aviv Stock Exchange;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company wishes to retain services from Dr. Shmulewitz and Dr. Shmulewitz wishes to render
                                         such services to the Company, as further set forth herein; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz represents that it has the required knowledge, ability, talent and experience
                                         to provide services to the Company, all as detailed and pursuant to the terms set forth
                                         herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Now,
therefore, the parties have agreed as follows:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; width: 36.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Services</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
                                         as of  3/24/2014 (the &ldquo;<B>Effective Date</B>&rdquo;), Dr. Shmulewitz shall be engaged
                                         with the Company as a Chairman of the Board of Directors (the &ldquo;<U>Position</U>&rdquo;
                                         and &quot;<U>the Board</U>&quot;, respectively) and shall perform such duties and activities
                                         as are customarily performed by a Chairman of the Board of Directors of a company (the
                                         &quot;<U>Services&quot;)</U>.<B> </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall report directly to the Company's Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         scope of the Services shall be determined by the Company's Board from time to time, according
                                         to the Company&rsquo;s needs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall immediately notify the Company's Board regarding any matter it has and/or
                                         may have a personal interest in which may affect the rendering of the Services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall perform the Services diligently and promptly for the sole benefit of
                                         the Company. Dr. Shmulewitz shall competently perform all assigned duties, carry out
                                         the policies, directives and decisions of the Board, as required, not withhold information
                                         from the Company and refrain from any conduct which is illegal, dishonest, fraudulent
                                         or detrimental to the Company's business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall devote his attention, know-how, energy, talent, experience and best
                                         efforts to the performance of the Services under this Agreement and the business and
                                         affairs of the Company. Dr. Shmulewitz shall be engaged in the Position on a part-time
                                         basis, such that Dr. Shmulewitz shall devote 60% (sixty percent) of his working time
                                         to the business and affairs of the Company and the performance of his duties and obligations
                                         hereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; width: 36.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Representations and Warranties</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz hereby represents, warrants and covenants to the Company, and acknowledges
                                         that the Company is entering into this Agreement in reliance thereon, as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz has the necessary skills, knowledge and experience to fulfill Dr. Shmulewitz's
                                         obligations hereunder, shall do so diligently, professionally and conscientiously and
                                         shall use his best efforts in the performance thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         execution and delivery of this Agreement and the fulfillment of the terms hereof will
                                         constitute the valid, binding and enforceable obligations of Dr. Shmulewitz and will
                                         not violate, conflict with or constitute a default under or breach of any agreement and/or
                                         undertaking and/or instrument, judgment, order, writ or decree to which Dr. Shmulewitz
                                         is a party or by which he is bound, or any provision of law, rule or regulation applicable
                                         to Dr. Shmulewitz, including without limitation, any confidentiality or non competition
                                         agreement, and do not require the consent of any person or entity. In the performance
                                         of Dr. Shmulewitz's obligations hereunder, Dr. Shmulewitz will not make use of (i) any
                                         confidential or proprietary information belonging to any third party, or (ii) any information
                                         which Dr. Shmulewitz is restricted from disclosing or using due to contractual undertakings
                                         or by law. Dr. Shmulewitz hereby represents and warrants that he has obtained all approvals
                                         necessary by third parties with respect to his the execution, delivery and performance
                                         of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the performance of Dr. Shmulewitz's duties hereunder, Dr. Shmulewitz shall comply with
                                         all applicable laws and regulations, including, inter alia, the Company Internal Compliance
                                         Plan (as defined below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz's will refrain from engaging in any business or other activity which may be
                                         of conflict of interest with Dr. Shmulewitz's duties and obligations hereunder, and shall
                                         promptly notify the Company of any such matter or activity.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; width: 36.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Term</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement shall commence on the date hereof and shall remain in full force and effect
                                         (the &ldquo;<U>Term</U>&rdquo;) unless terminated, for any reason, with a ninety (90)
                                         days prior written notice (the &quot;<U>Notice Period</U>&quot;) by one party to the
                                         other.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                         the Notice Period Dr. Shmulewitz shall continue providing the Services and be entitled
                                         to the Monthly Fee (as defined below). Nevertheless, the Company may, under its sole
                                         discretion, waive retaining the Services during the Notice Period, in whole or in part,
                                         subject to paying Dr. Shmulewitz the Monthly Fee, had it continued providing the Services
                                         until the end of the Notice Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                         anything to the contrary herein, the Company may terminate this Agreement at any time,
                                         and without derogating from any other remedy to which the Company may be entitled, for
                                         Cause (as hereinafter defined), by providing Dr. Shmulewitz written notice thereof. In
                                         such event, this Agreement shall be deemed effectively terminated as of the date of delivery
                                         of such notice.</FONT></TD></TR>                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
term &ldquo;<B><U>Cause</U></B>&rdquo; shall mean, but shall not be limited to: (i) a breach by Dr. Shmulewitz of any of the material
terms or conditions of this Agreement, including but not limited to Sections 6 and 7 below; or (ii) Dr. Shmulewitz's willful misconduct,
or action of personal dishonesty, bad faith or breach of trust towards the Company or any of its subsidiaries and/or affiliates;
or (iii) the commission by Dr. Shmulewitz of a criminal offense, or fraud against the Company and/or any of its subsidiaries and/or
affiliates; or (iv) a violation by Dr. Shmulewitz of its fiduciary duties towards the Company.</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                         any the termination of this Agreement and subject to paying the applicable Monthly Fee
                                         and final account to Dr. Shmulewitz, Dr. Shmulewitz shall immediately provide the Company
                                         all written, electronic and other records of Company in its possession, in a form reasonably
                                         requested by Company. During the Notice Period, Dr. Shmulewitz shall provide all necessary
                                         consultations, hand-off and instructions services to any replacement of Dr. Shmulewitz
                                         hired by Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; width: 36.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consideration</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         full and complete consideration for the Services, the Company shall pay to Dr. Shmulewitz
                                         monthly fees for the Services in an amount of NIS <B>50,000</B> plus VAT for each month
                                         (the &ldquo;<U>Monthly Fee</U>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Monthly Fee will be paid at within 10 days of the end of each calendar month as a wire
                                         transfer, against a proper tax invoice of Dr. Shmulewitz.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
                                         shall reimburse Dr. Shmulewitz for all out-off pocket expenses reasonably required in
                                         the performance of the Services by Dr. Shmulewitz under this Agreement and approved in
                                         advance by the Company. Reimbursement shall be made against delivery by Dr. Shmulewitz
                                         to the Company of tax receipts or other appropriate supporting documentation satisfactory
                                         to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Option.
                                         </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 65.2pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to (i) the sole discretion and approval of the Company's Board of Directors (the &quot;<U>Board</U>&quot;),
                                         the shareholders of the Company and any applicable Company organs, law or regulation,
                                         to the extent applicable (ii) the Company's Compensation Policy then in effect, and (iii)
                                         the execution by Dr. Shmulewitz of a standard option agreement in a form approved by
                                         the Board under the Employee Share Option Plan (the &quot;<U>Plan</U>&quot;), Dr. Shmulewitz
                                         shall be granted with an option to purchase up to 250,000 Ordinary Shares of the Company,
                                         par value NIS 0.01, each under the Plan (the &ldquo;<U>Option</U>&rdquo;). The Option
                                         be subject to the provisions of the Plan and shall vest over a 3 year period, on a quarterly
                                         basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the obtainment of all regulatory and corporate approvals, the exercise price of the Option shall be in accordance with the
provisions of Company's Compensation applicable to such determination of exercise price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 65.2pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         grant of the Option shall be subject to the obtainment by the Company of all (i) applicable
                                         corporate approvals, including, without limitation, approvals by the Board and the shareholders
                                         of the Company; and (ii) completion of appropriate filings with and obtainment of the
                                         required approvals of the Israeli Securities Authority and/or the Tel Aviv Stock Exchange
                                         (and the OTCQB, if required).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 65.2pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case a regulatory approval (if indeed shall be required) is not obtained, for reasons
                                         beyond the Company&rsquo;s control, this shall not be considered to be a breach by the
                                         Company of this agreement, Dr. Shmulewitz shall not hold any demand, allegations or claims
                                         against the Company in connection with the Company's failure to obtain such regulatory
                                         approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 65.2pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         herein shall be construed as an obligation to grant any options to Dr. Shmulewitz.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.2pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual
                                         Bonus</U>. At the end of each calendar year, the Company, at its sole discretion, may
                                         consider granting Dr. Shmulewitz a bonus, of up to six Monthly Fees, subject to the recognition
                                         of the Board of the successful achievement of Company measureable objectives as shall
                                         be set forth in the Company's annual work plan determined by the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall be solely responsible and shall make all compulsory payments in connection
                                         with the Services provided hereunder. Said payments shall include, without limitation,
                                         income tax, National Insurance, severance, and any and all other payments to any governmental
                                         or other relevant authority in connection with the Services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall be solely responsible for any tax and other payments required by law
                                         in connection with this Agreement and the payment or remittance of any portion of the
                                         Consulting Fee hereunder, provided, however, that the Company may withhold any amounts
                                         as required by applicable law from any payments or other forms of compensation hereunder
                                         or in connection with this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz shall not be entitled to receive any other compensation or payment from the
                                         Company other than as expressly stated in this section 4.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; width: 36.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Insurance; Indemnification and Exemption</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall insure Dr. Shmulewitz under the Company's officers&rsquo; insurance policy,
                                         in accordance with its terms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to the obtainment of all corporate and regulatory approvals, to the extent required,
                                         Dr. Shmulewitz shall be entitled to exemption and indemnification in connection with
                                         the performance of the Services hereunder, in accordance with the Exemption and Indemnification
                                         Letters in the forms previously approved by the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Proprietary Rights </U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz agrees and declares that any and all products, improvements, derivations,
                                         materials, processes, techniques, know-how and/or proceeds and any and all inventions,
                                         ideas, discoveries, concepts, works of authorship, designs, data results or initiatives
                                         conceived, conducted, developed, reduced to practice, compiled, created, written, authored,
                                         made and/or produced by Dr. Shmulewitz, alone or jointly with others, pursuant to, in
                                         connection with, resulting or arising from this Agreement and/or the provision of the
                                         Services to the Company, or trade secrets of the Company, whether within the scope of
                                         the provision of the Services hereunder to the Company or otherwise and whether during
                                         the Term of this Agreement, prior thereto or thereafter, directly or indirectly related
                                         to the technology of the Company as currently conducted and/or proposed to be conducted
                                         solely in the field of immunomodulators including cannabinoids to treat chronic pain
                                         and inflammation (the &quot;<U>Inventions</U>&quot;) and any and all right, title and
                                         interest in and to the Inventions, including without limitation, all patents, copyrights,
                                         trademarks, trade names, moral rights and other intellectual, industrial and/or proprietary
                                         rights and applications, extensions and renewals thereof (together with the Inventions,
                                         the &quot;<U>Proprietary Rights</U>&quot;), shall be the sole and exclusive property
                                         of the Company, its successors and assigns (for the purpose of this Section 6, collectively,
                                         the &quot;<U>Company</U>&quot;), and that Dr. Shmulewitz will not have any rights or
                                         title whatsoever thereto, including, although not an employee, any right to receive compensation
                                         pursuant to Section 134 of the Israeli Patent Law - 1967. All works authored by Dr. Shmulewitz
                                         pursuant to this Agreement, including, without limitation, the Inventions, shall be deemed
                                         &quot;<I>works made for hire</I>&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         and to the extent the Company&rsquo;s sole and exclusive ownership of the Proprietary
                                         Rights, in whole or in part, is not recognizable for any reason whatsoever, Dr. Shmulewitz
                                         hereby irrevocably transfers and assigns to the Company, solely and exclusively, all
                                         its/his rights, title and interest now and hereafter acquired in and to all Proprietary
                                         Rights (without any payments, liabilities or restrictions to any person or third party)
                                         in any and all media now known or hereafter devised, and all claims and causes of action
                                         of any kind with respect to any of the foregoing, throughout the world in perpetuity,
                                         and, when not otherwise assignable herein, agrees and undertakes to assign in the future
                                         to the Company all right, title and interest in and to any and all such Proprietary Rights
                                         (and all proprietary rights with respect thereto) and further undertakes to execute all
                                         necessary documentation and take all further action as may be required in order to perform
                                         such assignment, at the Company&rsquo;s expense.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that pursuant to any applicable law Dr. Shmulewitz retains any rights in and
                                         to the Proprietary Rights that cannot be assigned to the Company, Dr. Shmulewitz hereby
                                         unconditionally and irrevocably waives the enforcement of all such rights, and all claims
                                         and causes of action of any kind with respect to any of the foregoing and agrees, at
                                         the request and expense of the Company, to consent to and join in any action to enforce
                                         such rights and to procure a waiver of such rights from the holders of such rights, if
                                         any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that Dr. Shmulewitz retains any rights in and to Proprietary Rights that cannot
                                         be assigned to the Company and cannot be waived, Dr. Shmulewitz hereby grants the Company
                                         an exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform,
                                         modify, change, reproduce, publish and distribute, with the right to sublicense and assign
                                         such rights, and all claims and causes of action of any kind with respect to any of the
                                         foregoing, in and to the Proprietary Rights, in any way the Company sees fit and for
                                         any purpose whatsoever. Without derogating from the above, Dr. Shmulewitz hereby forever
                                         waives and agrees never to assert any and all rights of paternity or integrity, any right
                                         to claim authorship of any Invention, to object to any distortion, mutilation or other
                                         modification of, or other derogatory action in relation to any Invention, whether or
                                         not such would be prejudicial to his honor or reputation, and any similar right, existing
                                         under judicial or statutory law of any country in the world, or under any treaty, even
                                         after termination of its/his work on behalf of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the above, any and all material (including, without limitation, software,
                                         designs, documentation, memoranda, notes, reports, manuals, patterns, programs, specifications,
                                         prototypes, formulas, drawings, records, data or other technical or proprietary information),
                                         and any copies or abstracts thereof, whether or not of a secret or confidential nature,
                                         furnished to Dr. Shmulewitz by the Company or conceived, conducted, developed, reduced
                                         to practice, compiled, created, written, authored, made and/or produced by Dr. Shmulewitz,
                                         alone or jointly with others, pursuant to, in connection with, resulting or arising from
                                         this Agreement and/or the provision of Services to the Company, or trade secrets of the
                                         Company, whether within the scope of the consultancy with the Company or otherwise and
                                         whether during the Term of this Agreement, prior thereto or thereafter, directly or indirectly
                                         related to the business of the Company as currently conducted and/or proposed to be conducted,
                                         is and shall remain the sole and exclusive property of the Company. Such property while
                                         in Dr. Shmulewitz's custody or control, as applicable, shall be maintained in good condition
                                         at Dr. Shmulewitz's expense, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz will promptly disclose to the Company fully and in writing (but otherwise
                                         keep in confidence) all Inventions. Dr. Shmulewitz hereby agrees and undertakes to provide
                                         the Company or any person designated by the Company all such information, to execute
                                         all necessary documentation and to take all further action as may be required to perfect
                                         the rights referred to herein, including, without limitation, any assignment of rights
                                         to the Company or the obtaining or enforcing any intellectual property rights, if applicable,
                                         in any and all countries, provided, that the Company will compensate Dr. Shmulewitz at
                                         a reasonable rate for time or expenses actually spent by him at the Company&rsquo;s request
                                         on such assistance. Without derogating from any of Dr. Shmulewitz's obligations hereunder,
                                         Dr. Shmulewitz hereby appoints any officer of the Company as its duly authorized agent
                                         to execute, file, prosecute and protect the same before any government agency, court
                                         or authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz's undertakings in this Section 6 shall remain in full force and effect after
                                         termination or expiration of this Agreement for any reason whatsoever or any renewal
                                         thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Confidentiality </U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz represents and warrants that it will keep the terms and conditions of this
                                         Agreement strictly confidential and will not disclose it or provide a copy of this Agreement
                                         or any part thereof to any third person unless and to the extent required by applicable
                                         law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         and all information and data of a proprietary or confidential nature concerning the business
                                         or financial activities of the Company or its technology or products (whether current
                                         or future), whether in oral, written, graphic, machine-readable form, or in any other
                                         form, including, without limitation, proprietary, business, financial, technical, development,
                                         product, marketing, sales, price, operating, performance, cost, know-how and process
                                         information, trade secrets, patents, patent applications, copyrights, ideas and inventions
                                         (whether patentable or not), and all record bearing media containing or disclosing such
                                         information and techniques, disclosed to or otherwise acquired by Dr. Shmulewitz ant
                                         in connection with this Agreement and any and all Proprietary Rights (collectively, &quot;<U>Confidential
                                         Information</U>&quot;) is and shall remain the sole and exclusive property of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         all times, both during the term of this Agreement and thereafter, Dr. Shmulewitz: (i)
                                         will keep the Confidential Information strictly confidential and will not disclose it,
                                         or any part thereof, provide any documentation with respect thereto, or any part thereof,
                                         directly or indirectly, to any third party, without the prior written consent of the
                                         Company or unless and to the extent required by applicable law; and (ii) will not use
                                         any Confidential Information or anything relating to it without the prior written consent
                                         of the Company, except and to the extent as may be necessary in the ordinary course of
                                         performing his duties and obligations hereunder and in the best interests of the Company.
                                         Notwithstanding the foregoing, Dr. Shmulewitz shall not be obligated to maintain the
                                         confidentiality of the Confidential Information which: (i) is or becomes a matter of
                                         public knowledge through no fault of Dr. Shmulewitz, or breach of this Agreement; (ii)
                                         is authorized, in writing, by the Company for release; (iii) was lawfully in Dr. Shmulewitz's
                                         possession before receipt from the Company, as evidenced by Dr. Shmulewitz, as the case
                                         may be, through written documentation; (iv) is lawfully received by Dr. Shmulewitz from
                                         a third party without a duty of confidentiality; or (v) reflects information and data
                                         generally known within the industries or trades in which the Company transacts business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         all times, both during the term of this Agreement and thereafter Dr. Shmulewitz will
                                         keep in trust all Confidential Information. In the event of the termination of this Agreement
                                         for any reason, or upon the Company&rsquo;s earlier request, Dr. Shmulewitz will promptly
                                         deliver to the Company all materials referred to herein and Dr. Shmulewitz shall not
                                         retain or take any materials, or any reproduction thereof containing or pertaining to
                                         Confidential Information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz recognizes that the Company received and will receive confidential or proprietary
                                         information from third parties, subject to a duty on the Company&rsquo;s part to maintain
                                         the confidentiality of such information and to use it only for certain limited purposes.
                                         At all times, both during the Term of this Agreement and after its termination, Dr. Shmulewitz
                                         undertakes to keep any and all such information in strict confidence and trust, and it
                                         will not use or disclose any of such information without the prior written consent of
                                         the Company, except as may be necessary to perform his duties hereunder and consistent
                                         with the Company&rsquo;s agreement with such third party. Upon termination of this Agreement,
                                         Dr. Shmulewitz shall act with respect to such information as set forth in Section 3.4.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Non Competition</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz agrees and undertakes that he will not, during the Term of this Agreement
                                         and for a period of 6 months thereafter, compete or assist others to compete, whether
                                         directly or indirectly, with the business of the Company, as currently conducted and/or
                                         proposed to be conducted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz agrees and undertakes that during the Term of this Agreement and for a period
                                         of 6 months thereafter, he will neither solicit for employment or any other engagement
                                         nor employ or otherwise engage any person employed by the Company on the date of such
                                         termination or during the preceding 6 months, personally or in any business in which
                                         he is an officer or director, for any purpose or in any place, provided that the foregoing
                                         restriction shall not apply to employment or engagement of an employee: (i) following
                                         an employee&rsquo;s affirmative response to a general recruitment effort carried out
                                         through a public solicitation or general solicitation, or (ii) upon an employee&rsquo;s
                                         initiative.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         any one or more of the terms contained in Sections &lrm;8.1 and &lrm;8.2 shall, for any
                                         reason, be held to be excessively broad with regard to time, geographic scope or activity,
                                         such term shall be construed in a manner to enable it to be enforced to the extent compatible
                                         with applicable law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Compensation Policy</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz declares and confirms, that he is familiar and aware that the Company has
                                         adopted a compensation policy pursuant to the provisions of the Companies Law 5759-1999
                                         (the &quot;<U>Compensation Policy</U>&quot;, and the &quot;<U>Law</U>&quot;, respectively),
                                         and that the terms of this Agreement are subject to and shall be aligned with the provisions
                                         and guidelines of the Compensation Policy in force, and as shall be determined from time
                                         to time. Copy of the Compensation Policy is attached hereto as an integral part of this
                                         Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event that this Agreement and/or any of its provisions shall be proclaimed and/or
                                         considered by a competent authority not aligned with the Compensation Policy and not
                                         in accordance with the provision of the Law (&quot;<U>Contradicting Term</U>&quot;),
                                         then the Parties shall cooperate to adjust any Contradicting Term with the Compensation
                                         Policy or to be approved by the Company&rsquo;s relevant organs, as per the Parties consent
                                         and in accordance with applicable law and regulations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from Dr. Shmulewitz's rights under this Agreement, in the event that the abovementioned
                                         adjustment is not possible or achievable under the circumstances, Dr. Shmulewitz shall
                                         not hold any demand, allegations or claims against the Company, in the event the Company
                                         cannot make the necessary adjustment for reasons beyond the Company&rsquo;s control.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the provisions of the Compensation Policy, to the extent that any amount
                                         or fees paid to Dr. Shmulewitz hereunder shall be revealed, within three (3) years of
                                         the payment thereof, to have been paid based on erroneous calculations that have been
                                         restated in the Company's financial statements, Dr. Shmulewitz shall repay the Company
                                         amount paid in excess as aforesaid; all in accordance with the provisions of the Compensation
                                         Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Independent Contractor</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         parties agree that Dr. Shmulewitz shall act as an independent contractor in the performance
                                         of the Services and that nothing contained herein shall create or be construed to create
                                         an employer-employee relationship between the parties and Dr. Shmulewitz shall not be
                                         entitled to any Company employment rights or benefits.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         derogating from the above, in the event that, notwithstanding the parties&rsquo; representations
                                         and undertakings hereunder, Dr. Shmulewitz, or anyone on its behalf, shall claim, or
                                         a court of competent jurisdiction shall determine, the existence of employer-employee
                                         relationship between Dr. Shmulewitz and the Company, then the following provisions shall
                                         apply: (i) Dr. Shmulewitz's monthly salary for such claimed or determined period of employer-employee
                                         relationship shall be equal to 60% (sixty percent) of the sum of the Monthly Fee and
                                         expenses reimbursement due to Dr. Shmulewitz as consideration for the Services hereunder
                                         (for the purposes of this Section &lrm;10, the &ldquo;<U>Monthly Salary</U>&rdquo;);
                                         (ii) the Monthly Salary shall be deemed to constitute all of the Company&rsquo;s liabilities
                                         and obligations towards Dr. Shmulewitz, of any source or origin, with respect to and
                                         in connection with said employer-employee relationship, except for such rights with respect
                                         to which global compensation may not be determined pursuant to applicable law, (iii)
                                         Dr. Shmulewitz will immediately pay the Company all amounts paid to it beyond the sums
                                         calculated as stated in paragraph (i) above, and (iv) Dr. Shmulewitz shall be liable
                                         to fully indemnify the Company for any damages, liabilities, or other costs and expenses
                                         incurred in connection with any such determination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall be entitled to set-off any amount due to it pursuant to this Section &lrm;10
                                         from any amount due to Dr. Shmulewitz pursuant to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
                                         Shmulewitz hereby undertakes to indemnify, defend, hold harmless and reimburse the Company,
                                         its officers, agents, employees, representatives, successors and assigns against any
                                         claim, liability, loss and expense, including reasonable attorneys fees, arising from
                                         any suit, cause of action, demand or claim brought by any person or entity (including
                                         related costs and expenses) due to taxes, payment or withholding, wages, premiums, contributions
                                         social security payments, pension payments, employee benefits, health insurance and any
                                         other such payments resulting from any payment made by the Company to Dr. Shmulewitz
                                         under this Agreement, or otherwise in connection herewith.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Securities Internal Compliance Plan; Insider Trading
Policy</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Shmulewitz declares and confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance
Plan (the &quot;<U>Internal Compliance Plan</U>&quot;), and are familiar with its terms, obligations and restrictions, and shall
act in accordance with the provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from
time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 36.15pt">12.</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Miscellaneous</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         provisions of Sections 4.5, 4.6, 6 through 8, 10 above and &lrm;13.2 below shall survive
                                         the termination of this Agreement for any reason whatsoever.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement shall be governed by the laws of the State of Israel and the competent courts
                                         in Tel-Aviv shall have exclusive jurisdiction in all matters pertaining or relating thereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement is for the services of Dr. Shmulewitz and none of the Services to be provided
                                         by Dr. Shmulewitz hereunder may be delegated, assigned or subcontracted to others without
                                         the prior written consent of the Company, in each case. Dr. Shmulewitz shall not be entitled
                                         to bind the Company for any purposes unless specifically authorized by the Company in
                                         writing in advance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement constitutes the entire agreement between the parties and supersedes all previous
                                         agreements and understandings, hereto, whether oral or written, express or implied, with
                                         respect to the subject matter contained in this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         provision of this Agreement may be modified, waived or discharged unless such waiver,
                                         modification or discharge is agreed to in writing and signed by Dr. Shmulewitz and the
                                         Company. No delay or failure by either party hereto at any time to act with respect to
                                         any breach or default by the other party of, or compliance with, any condition or provision
                                         of this Agreement to be performed by such other party shall be deemed a waiver of similar
                                         or dissimilar provisions or conditions at the same or at any prior or subsequent time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         notices required to be delivered under this Agreement shall be effective only if in writing
                                         and shall be deemed received upon the earlier of: (i) if sent by facsimile or email,
                                         upon transmission and electronic or other confirmation of receipt or (if transmitted
                                         and received on a non-business day) on the first business day following transmission
                                         and electronic or other confirmation of receipt, (ii) five (5) days after the date of
                                         mailing if mailed by registered mail to the addresses set forth above; and (iii) if sent
                                         by messenger, upon delivery.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36.15pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 29pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         execution, delivery and performance of this Agreement is subject to the obtainment of
                                         all applicable corporate and regulatory approvals, if and to the extent necessary.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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 COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
    Biosciences Ltd.</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Shmulewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Therapix Biosciences Ltd.</B></FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dr. Shmulewitz</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>1<SUP>st</SUP> Addendum
of Consulting and Services Agreement</U></P>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
1<SUP>st</SUP> addendum (this &ldquo;<FONT STYLE="font-weight: normal"><U>Addendum</U>&rdquo;)</FONT><B> </B>is made and entered
into on this  17 day of April, 2016, by and between Therapix Biosciences Ltd., a public company organized under the laws
of the State of Israel, with principal offices at 5 Azrieli Center, 27th floor, Tel-Aviv 67025, Israel and its subsidiaries (the
&ldquo;<FONT STYLE="font-weight: normal"><U>Company</U>&rdquo;),</FONT><B> </B>Dr. Ascher Shmulewitz, of Yoav 20 Steet, Tel-Aviv
6908158, Israel (&ldquo;<U>Dr. Shmulewitz</U>&rdquo; or the &ldquo;<U>Consultant</U>&rdquo;), and Medgenesis Partners Ltd., a
private company organized under the laws of the State of Israel, incorporation number 513054064, with principal offices at Yoav
20 Steet, Tel-Aviv 6908158, Israel (the &ldquo;<U>Management Co.</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company, the Consultant, and the Management Co. may be referred to collectively as the &ldquo;<U>Parties</U>&rdquo; and each as
a &ldquo;<U>Party</U>&rdquo;<FONT STYLE="font-weight: normal; font-variant: small-caps">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Company and the Consultant have entered into an Consulting and Services Agreement, dated
                                         February 16, 2016 (the &ldquo;<U>Agreement</U><FONT STYLE="font-weight: normal">&rdquo;</FONT>),
                                         which is incorporated to this Addendum as an integral part thereof as <I><U>Schedule
                                         A</U></I>; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Consultant wishes to assign the Agreement to the Management Co., and the Management Co.
                                         wishes and accepts such assumption of the Agreement, and to assume all rights and obligations
                                         under the Agreement as further set forth herein in this Addendum (the &ldquo;<U>Assignment</U>&rdquo;);
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Whereas</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Company agrees to the Assignment, subject to the terms and conditions as further set
                                         forth herein in this Addendum.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOW
THEREFORE, </B>in consideration of the mutual promises contained herein, and intending to be legally bound, the parties hereby
declare and agree as follows:&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalized
                                         terms used and not otherwise defined herein shall bear the respective meanings ascribed
                                         to them in the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preamble.
                                         The preamble of this Addendum constitutes an integral part thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assignment.
                                         Consultant hereby assigns the Management Co. the Agreement, the rights and obligations
                                         contained in it, and the Management Co. hereby assumes all rights and obligations contained
                                         in it, and shall be considered in every respect the counterparty to the Agreement, as
                                         of February 16, 2016, except that The Consultant shall continue to render his services
                                         to the Company and the consulting services shall be provided solely by the Consultant,
                                         and by him alone personally.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warranty
                                         and Representation. The Management Co. hereby warrants and represents to have the necessary
                                         means, permits and/or approvals to execute this Addendum, and will have for the duration
                                         of the Agreement the ability to render Services and shall cause for the Services to be
                                         rendered by the Consultant; The Management Co. and the Consultant hereby warrant and
                                         represent that this Addendum is made at their own will and at their request, to have
                                         received all corporate approvals required in order to facilitate and execute this Addendum
                                         and the Assignment, which were properly approved them, and that Consultant is the sole
                                         controlling shareholder of the Management Co.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Agreement shall be adjusted <I>mutate-mutandis</I>. Immediately following the execution
                                         of this addendum, the provisions of the Agreement shall be adjusted in accordance with
                                         the necessary changes and amendments and be read in a manner to reflect said Assignment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indemnification.
                                         It is hereby clarified that the Assignment is not intended to impose the Company with
                                         any and/or additional cost, expense or liability of any kind whatsoever (directly or
                                         indirectly), and is not intended to cause any damage or to harm the Company in any way
                                         or to diminish any right the Company holds for receiving the Services from the Consultant
                                         under the Agreement. Any such additional cost, expense, liability, damage, expenses or
                                         harm of any kind caused as a result of the Assignment shall be immediately indemnified,
                                         ratified, relieved and/or cured by the Consultant and/or the Management Co., severely
                                         and jointly, solely for the benefit of the Company, and the Company shall be immediately
                                         compensated and indemnified for any such costs and/or damage incurred by the Company
                                         as a result of the Assignment, including without derogating the generality of the foregoing,
                                         with respect to tax implications and/or labor and employment issues.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 26.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Agreement shall continue in full force and effect as originally constituted, subject
                                         to the changes and amendment required following the Assignment under this Addendum. Any
                                         contradiction in meaning and/or interpretation between the Agreement and this Addendum
                                         shall have the meaning and/or be interpreted in light of the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>[The
remainder of this page was intentionally left blank]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix Biosciences Ltd.</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Ascher Shmulewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Therapix
    Biosciences Ltd.</B></FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dr.
    Ascher Shmulewitz</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:
    </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
    </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medgenesis Partners Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Medgenesis
    Partners Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:
    </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
    </FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>14
<FILENAME>filename14.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 10.12</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THERAPIX
BIOSCIENCES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 190pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 325pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
______</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 325pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mrs./Mr.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; font-style: normal; font-variant: normal"><B><U>Letter
of Indemnity</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 218pt; text-indent: -47.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 1.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s remuneration committee and the board of directors resolved on _______ and the Company&rsquo;s general meeting
resolved on ______ to grant you this indemnity obligation, in the form acceptable in the Company with respect to Officeholders,
all as set forth in this Letter of Indemnity (hereinafter: &ldquo;the <B>Indemnity Resolution</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 1.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
we hereby inform you that as you are currently serving and/or have been serving and/or may be serving in the future as an Officeholder
in the Company and/or any of its subsidiaries and/or affiliates and/or currently employed and/or were employed and/or may be employed
in the future by the Company and/or any of its subsidiaries and/or affiliates, the Company hereby acknowledges and undertakes
towards you, subject to the provisions of any law, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 37pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: black"><B><U>Indemnity
    Obligation</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the law, the Company hereby undertakes to indemnify you for any liabilities or expenses, as set forth in
section 2 below, for which you will be held liable due to one or more of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; text-align: right; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 23pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
                                         acts and/or anything deriving therefrom by virtue of your employment and/or service as
                                         an Officeholder in the Company and/or any of its subsidiaries and/or affiliates, as applicable,
                                         from time to time.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; text-align: right; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 23pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
                                         acts and/or anything deriving therefrom by virtue of your service as an Officeholder,
                                         employee or agent of the Company for another corporation in which the Company directly
                                         and/or indirectly holds securities (hereinafter: &ldquo;<B>Another Corporation</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including
for any acts made by you prior to the granting date of this Letter of Indemnity, provided the maximum amount of such indemnity
does not exceed the Maximum Indemnity Amount set forth in section 3 below for all types of liabilities and/or expenses in the
aggregate and with respect to all of the Company&rsquo;s Officeholders as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73.15pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Letter of Indemnity:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73.15pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 37pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Officeholder</B>&rdquo;
    </FONT></TD>
    <TD STYLE="width: 3%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    such term is defined in the Companies Law, 5759-1999, including any employee to whom the Company resolves to provide a Letter
    of Indemnity.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Acts&quot;
                                         or anything </B></FONT><B>deriving therefrom&quot;</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
                                         such term is defined in the Companies Law, 5759-1999, including any resolution and/or
                                         omission as well as all act made by you prior to the date of this Letter of Indemnity
                                         during the terms in which you were employed by the Company and/or any of its subsidiaries
                                         and/or affiliates and/or during the terms in which you served as an Officeholder of the
                                         Company and/or any of its subsidiaries and/or affiliates and/or Another Corporation as
                                         defined above.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73.15pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: black"><B><U>Causes
                                         for Indemnity</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: -144pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
indemnity obligation as set forth in section 1 above will apply to any liability or expense indemnifiable under the law and the
Articles of Association of the Company, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         liability imposed on you in favor of another person pursuant to any judgment, including
                                         any settlement confirmed as judgment or an arbitrator's award which has been confirmed
                                         by the court, directly or indirectly connected to one or more of the Events set forth
                                         in the supplement to this Letter of Indemnity (hereinafter: &ldquo;the <B>Supplement</B>&rdquo;)
                                         or any part thereof (hereinafter: &ldquo;<B>Specified Events</B>&rdquo;), provided the
                                         Maximum Indemnity Amount for each of the Specified Events shall not exceed the amount
                                         stipulated in the Supplement, linked to the increase in the Consumer Price Index&rsquo;s
                                         from the execution date of this Letter of Indemnity and until the actual indemnity date,
                                         for any of the Specified Events, on the basis of each Event and each of the Company's
                                         Officeholders separately (hereinafter: &ldquo;the <B>Final Liability</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72.85pt; text-align: justify; text-indent: -37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
                                         litigation expenses, including attorneys&rsquo; fees, expended by you pursuant to an
                                         investigation or proceedings conducted against you by a competent authority authorized
                                         to hold such investigation or bring such proceedings and which were concluded without
                                         an indictment filed against you and without imposing a financial liability on you in
                                         lieu of criminal proceedings, or which were concluded without filing an indictment against
                                         but with the imposition of financial liability in lieu of criminal proceedings for an
                                         offense which does not require proof of criminal thought (mens rea); in this paragraph:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Conclusion
of proceedings without an indictment being filed in a matter for which a criminal investigation was commenced</B>&quot; - means
closing of the file in accordance with Section 62 to the Criminal Procedure Law [Combined Version], 5742-1982 (in this subsection
- &quot;the Criminal Procedure Law&quot;), or stay of proceedings by the Attorney General under Section 231 of the Criminal Procedure
Law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Financial
liability imposed in lieu of criminal proceedings</B>&quot; - means a financial liability imposed by law as an alternative to
criminal proceedings, including an administrative fine pursuant to the Administrative Offenses Law, 5746-1985, a fine for committing
an offense categorized as a finable offense pursuant to the provisions of the Criminal Procedure Law, monetary sanction or ransom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
                                         litigation expenses, including attorneys' fees, expended by you or charged to you by
                                         a court, in proceedings filed against you by the Company or on its behalf or by another
                                         person, or in a criminal charge from which you will be acquitted, or in a criminal charge
                                         of which you will be convicted for an offense which does not require proof of criminal
                                         thought (mens rea).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
                                         expended by you in connection with administrative enforcement proceedings concerning
                                         you, including reasonable litigation expenses, including attorneys&rsquo; fees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
that regard:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Administrative
enforcement proceedings</B>&rdquo; - any proceedings under Chapter H3, H4 or I1 of the Securities Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>The
Securities Law</B>&rdquo; - the Securities Law, 5728-1968, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                         to an Injured Party, as set forth in Section 52(54)(a)(1)(a) of the Securities Law (&ldquo;<B>Payment
                                         to an Injured Party</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         other liabilities or expenses indemnifiable under the Companies Law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation
expenses as set forth in sections 2.2, 2.3 and 2.4 above, hereinafter: &ldquo;the <B>Litigation Expenses</B>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 37pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: black"><B><U>Indemnity
    Amount</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37.55pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">3.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal"><U>Aggregate
                                         Indemnity Amount</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify; text-indent: -37.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total indemnity amount to be paid by the Company to all the Company&rsquo;s Officeholders (including any employee to whom the
Company decides to grant a Letter of Indemnity) in the aggregate pursuant to all the Letters of Indemnity issued or as shall be
issued to them by the Company under the Indemnity Resolution (hereinafter: &ldquo; the<B> Letters of Indemnity</B>&rdquo;) shall
not exceed an amount equivalent to 25% of the Company&rsquo;s effective equity, plus all the amounts to be received from the insurance
company, if any, as part of the insurance for the Company&rsquo;s Directors and Officeholders, taken out or to be taken out in
the future by the Company from time to time for the Final Liability and/or Litigation Expenses and/or Payment to an Injured Party
(hereinafter: &ldquo;the <B>Maximum Indemnity Amount</B>&rdquo;). For this purpose &ldquo;the <B>Company&rsquo;s effective equity</B>&rdquo;
- means the amount of the Company&rsquo;s equity as reflected in its recent consolidated financial statements as of the the payment
date of the Indemnity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is hereby clarified that payment of the Indemnity Amount as aforesaid, shall not derogate from your entitlement to receive insurance
proceeds, including with reference to the Specified Events set forth in the Letter of Indemnity insured by an insurance company
which the Company may receive from time to time in your favor, if any, under any Directors &amp; Officers Liability insurance
taken out by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the provisions of section 5.6 below, it is expressly emphasized that the Company&rsquo;s payments shall only constitute
an &ldquo;additional layer&rdquo; above the total insurance proceeds to be paid by the insurer and/or above any indemnification
from any party other than the Company, to the extent such are paid, provided that you will not receive double compensation for
any liability or expense which is indemnifiable as set forth in section 2 above and that in the event you receive an indemnity
from the Company&rsquo;s insurer under a Directors &amp; Officers Liability policy or by virtue of any other indemnification agreement,
in the matter of the indemnity, the indemnity shall be provided in the amount of the difference between the amount of the Financial
Liability imposed on you and legal expenses and the amount received under the insurance policy or the other indemnification agreement
in this matter, provided the Indemnity Amount undertaken by the Company does not exceed the Maximum indemnity Amount. In addition,
it is emphasized that this indemnity obligation does not constitute a contract in favor of a third party, including any insurer
and may not be assigned, and the insurer shall not be entitled to demand any participation from the Company in the payment undertaken
by the insurer pursuant to the insurance agreement entered with the insurer, save for the deductible stipulated in such agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 73pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the total Indemnity Amounts payable by the Company at any time, plus all the Indemnity Amounts already paid by
the Company prior to that date under the Letters of Indemnity, exceed the Maximum Indemnity Amount, then the Maximum Indemnity
Amount or the balance thereof, as the case may be, shall be distributed among the Company&rsquo;s Officeholders entitled to such
Indemnity Amounts for demands made by them to the Company under the Letters of Indemnity and outstanding prior to such date, in
such manner that the actual Indemnity Amount received by each Officeholder shall be calculated pro rata, to the Indemnity Amount
due to each such Officeholders and the Indemnity Amount due to all such Officeholders in the aggregate, on that date, for their
demands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company has paid Indemnity Amounts to the Company&rsquo;s Officeholders in the sum of the Maximum Indemnity Amount, the Company
shall not be liable for any additional Indemnity Amounts, unless payment of the additional Indemnity Amounts is approved by the
Company&rsquo;s competent organs authorized to duly approve such increase on the payment date of the additional Indemnity Amounts
and subject to an amendment of the Company&rsquo;s Articles of Asosciation, if required under the law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">3.2</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal"><U>The
    Indemnity Amount for Specified Events</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the aforesaid in section 3.1, the Indemnity Obligation for any of the Specified Events shall be limited, with reference to
each Officeholder in the Company and each Event severally, in the amount of the liability or expense indemnifiable as aforesaid,
but not beyond the Maximum Indemnity Amount with respect to each of the Specified Events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 37pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: black"><B><U>Interim
    Payments</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of any Event for which you may become entitled to indemnity in accordance with the above, the Company shall make
available to you, from time to time, the amounts of money required to cover the various expenses and other payments involved in
the handling of any legal proceedings against you in connection with such Event, including investigation proceedings, so that
you will not be required to pay or finance such amounts by yourself, all subject to the terms and conditions set forth in this
Letter of Indemnity. It is emphasized that the Company shall not demand any securities from you as condition for the transfer
of the above amounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company has paid you, or in your stead, any amounts in the framework of this Letter of Indemnity in connection
with legal proceedings as aforesaid, and it is subsequently found that you were not entitled to any indemnity from the Company
for such amounts, the provisions of section 5.8 below shall apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 37pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: black"><B><U>Terms
    and Conditions of Indemnity</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
derogating from the generality of the foregoing, the indemnity under this Letter of Indemnity is subject to the following terms
and conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Indemnity
    Notice</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
must notify the Company promptly about any legal proceedings and/or investigation by a competent authority, authorized to hold
such investigation or bring such proceedings, commenced or threatened against you in connection with any Event for which indemnity
may apply (collectively and severally referred to as: &ldquo;the <B>Proceedings</B>&rdquo;), immediately upon becoming aware of
such Proceedings for the first time (hereinafter: &ldquo;the <B>Indemnity Notice</B>&rdquo;) and deliver to the Company and/or
anyone directed by the Company any documents provided to you and/or in your possession in connection with these Proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to provide the Indemnity Notice as aforesaid shall not release the Company from any of its obligations under this Letter of Indemnity,
save where such non delivery of the Indemnity Notice materially affects the Company&rsquo;s rights to defend a claim in its name
(where also the Company is sued in such Proceedings) and/or in your name and the scope of such damage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Defense
    Process</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may assume the handling of your defense against the above Proceedings and/or empower an attorney to handle same to be
chosen by the Company for this purpose (except where such attorney is not acceptable to you based on reasonable grounds). The
Company and/or the said attorney shall act in the framework of the above Proceedings to conclude the same; the Attorney appointed
by the Company shall act and owe fiduciary duties towards you and the Company. In the event that during your defense against such
Proceedings a conflict of interests arises between you and the Company, the said attorney shall notify you of such conflict of
interests and you shall be entitled to appoint an attorney on your behalf to handle your defense and the provisions of this Letter
of Indemnity shall apply to any expenses which may be incurred by you as a result of such appointment of an attorney. The Company
shall not be entitled to conclude such Proceedings by means of settlement and/or arrangement and/or agree to any settlement and/or
arrangement which would result in an obligation on the part of the Company to pay amounts for which you would not be entitled
to indemnity under this Letter of Indemnity and for which such amounts would not be paid under any Directors &amp; Officers Liability
insurance to be procured, if any, by the Company and/or any of its subsidiaries and/or affiliates and/or Another Corporation,
unless the Company has obtained your prior written consent for such settlement. Moreover, the Company may not resolve the dispute
which is the subject matter of such Proceedings by arbitration or mediation or reconciliation, without your prior written consent,
provided your consent shall not be withheld except for reasonable grounds to be provided by you to the Company in writing. For
the avoidance of doubt, the Company shall bear all the associated expenses, regardless of whether the dispute is referred for
settlement by way of arbitration or mediation or reconciliation or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the Company may not conclude such Proceedings by way of settlement and/or arrangement and/or resolve such Proceedings
by arbitration or mediation or reconciliation in case such involve criminal charges against you, unless you give the Company your
prior written consent. You may refuse to provide such consent as mentioned in this paragraph at your exclusive discretion and
without being required to provide the grounds for your refusal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
within 7 days after receipt of the Indemnity Notice by the Company, as aforesaid, the Company does not assume the handling of
your defense against these Proceedings, or in case you object the representation by the Company&rsquo;s attorneys for reasonable
grounds or concern for potential conflict of interests, you may refer your representation to an attorney of your choosing and
the provisions of this Letter of Indemnity shall apply to any expenses incurred due to such appointment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Cooperation
    with the Company</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the request of the Company, you shall sign any documents empowering the Company and/or any such attorney to handle your defense
against such Proceedings on your behalf and to represent you accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
shall cooperate with the Company and/or any such attorney and comply with all insurers&rsquo; instructions under any Directors
&amp; Officers Liability policy in which the Company and/or you may enter in connection with the defense against the above Proceedings,
in any reasonable manner as shall be demanded of you by any of the above as part of their handling of such Proceedings, provided
the Company or the insurance company, as the case may be, see to the covering of all your expenses in connection therewith, so
that you shall not be required to pay or finance such yourself, all subject to the provisions of section 1 and 3 above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Cover
    of Liabilities</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
of whether the Company acts in accordance with the provisions of section 5.2 above or not, the Company shall see to the covering
of the liabilities and expenses as set forth in section 2 above, in such manner that you shall not be demanded to pay or finance
such yourself, all without derogating from the indemnity promised to you under the provisions of this Letter of Indemnity and/or
the insurance policy taken out by the Company from time to time, if any, all subject to the provisions of sections 1 and 3 above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Indemnity
    shall not Apply in cases of Settlement or Admission</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
indemnity in connection with any Proceedings against you, as provided in this Letter of Indemnity, shall not apply to any amounts
due from you to a claimant as consequence of such settlement or arbitration, unless the Company agrees in writing to such settlement
or to conduct such arbitration, as the case may be; the Company, however, shall not withhold its consent other than for reasonable
grounds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the indemnity shall not apply in the event you admit a criminal charge for an offense which does not require proof of criminal
thought (mens rea), unless the Company has provided its prior written consent to such admission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 37.55pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Indemnity
                                         shall not Apply in cases of Third Party Indemnification or Insurance</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74.2pt; text-align: justify; text-indent: -36.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not be required to pay any amounts under this Letter of Indemnity for any events whatsoever, to the extent such
amounts were actually paid to your or for you or on your behalf by any means in the framework of the Company&rsquo;s Directors
&amp; Officers Liability insurance, or any other third party indemnification other than the Company&rsquo;s.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
reference to the Company&rsquo;s indemnity obligation for any prior or future acts by you by virtue of your being an Officeholder
and/or your employment by the Company and/or any subsidiary and/or affiliate and/or Another Corporation (collectively and severally
referred to as: &ldquo;the <B>Liable Corporation</B>&rdquo;) the following provisions shall also apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 74pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 40pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall not be required to pay any amounts under this Letter of Indemnity which
                                         you shall become entitled to receive and actually receive from the Liable Corporation
                                         in the framework of an insurance policy made by the Liable Corporation and/or pursuant
                                         to an undertaking in advance to indemnify or under a permission to indemnify provided
                                         by the Liable Corporation.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 74pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 40pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If your demand to
    receive indemnity and/or insurance coverage for any acts made by you by virtue of your service at the Liable Corporation which
    may be indemnifiable under this Letter of Indemnity is rejected by the Liable Corporation or the Liable Corporation&rsquo;s
    insurance company, as the case may be, the Company shall pay you under this Letter of Indemnity amounts to which you may become
    entitled hereunder, if you become entitled to such amounts and you shall assign to the Company your rights to receive such
    amounts from the Liable Corporation and/or under the Liable Corporation&rsquo;s insurance policy and authorize the Company
    to collect such amounts in your name, to the extent that such authorization is required for the purpose of complying with
    the provisions of this section. In this matter, you hereby undertake to sign any documents which may be demanded by the Company
    for assigning such rights and authorizing the Company to collect such amounts in your name.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110pt; text-align: justify; text-indent: -36pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 74pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 40pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance
    of doubt, it is clarified that nothing in this Letter of Indemnity shall be interpreted as conferring upon the Liable Corporation
    and/or any third party any rights whatsoever towards the Company, including, without derogating from the generality of the
    aforesaid, the right to claim and/or demand any payment from the Company as participation in the indemnity and/or the insurance
    coverage afforded to your by the Liable Corporation for your acts in your capacity with the Liable Corporation.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 110pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Payment
    of Indemnity</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
your request to receive any payment in connection with an Event under this Letter of Indemnity, the Company shall take all necessary
actions under the law to pay such amount and shall act to procure any required approval in this matter, if any. If an approval
for any such payment is required and such payment is not approved for any reason whatsoever, then such payment or any unapproved
part thereof, shall be subject to the approval of the court and the Company shall act to obtain such approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Return
    of Indemnity Amounts Paid </U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company has paid you, or in your stead, any amounts in the framework of this Letter of Indemnity in connection
with Proceedings as aforesaid, and it is subsequently found that you were not entitled to any indemnity from the Company for such
amounts, such amounts shall be deemed as a loan provided to you by the Company, that shall bear interest in the minimum rate,
as determined from time to time under the law to avoid any tax liable benefit in the hands of the loan recipient and you shall
be required to repay such loan to the Company, together with value added tax for the interest in accordance with the law, pursuant
to a payment arrangement as determined by the Company (as of the date of signing this Letter of Indemnity such interest rate is
4%), provided such amounts are fully paid to the Company by no later than 6 months after the date on which the Company became
aware that you were not entitled to indemnity for the said amounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: black"><U>Providing
    Securities in favor of Insurer</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
that stated above in this Letter of Indemnity (including section 4 above) and since as set forth in section 3.1 above the Company&rsquo;s
payments constitute an &ldquo;additional layer&rdquo; above the insurance proceeds to be paid to you by the insurer, if any, then
upon the occurrence of any Event which may entitle you to indemnity, for which you may be required to incur various expenses and
payments for the handling of legal proceedings conducted against you in this matter and connected to such Event, you are required
to first contact the insurer to receive the funds necessary to cover such expenses and payments. For this purpose, the Company
undertakes to make available to the insurer all the necessary securities demanded by the insurer, if any, in order to receive
such funds, provided that the scope of said securities does not exceed the Maximum Indemnity Amount, as defined below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent it is subsequently discovered that you were not entitled to receive such amounts, if any, from the insurer, you shall
be obligated to immediately return such amounts to the insurer in order to allow the release of the securities provided by the
Company in favor of the insurer. If you fail to comply with the aforesaid, such securities provided by the Company to the insurer
and realized by the insurer shall be considered as a loan in accordance with the provisions set forth in section 5.8 above, <I>mutatis
mutandis</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 74pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 35.45pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 37.55pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">6.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal"><B><U>Indemnity
    Period</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 38pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 34pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company&rsquo;s undertakings under this Letter of Indemnity shall indefinitely inure
                                         to your benefit and/or to the benefit of your estate, even following the termination
                                         of your employment with the Company and/or your service as Officeholder in the Company
                                         and/or any of its subsidiaries and/or affiliates and/or Another Corporation as defined
                                         above, as the case may be, provided such acts for which such indemnity is provided took
                                         place during the course of your employment with the Company and/or your service as Officeholder
                                         in the Company and/or any of its subsidiaries and/or affiliates and/or Another Corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 38pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 34pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company&rsquo;s undertakings under this Letter of Indemnity shall be broadly interpreted
                                         and in a manner intending to uphold them and comply, to the extent permitted under the
                                         law, with the purposes of this Letter of Indemnity. In the event of a conflict between
                                         any provision in this Letter of Indemnity and the provisions of any law which cannot
                                         be stipulated against, or which may not be amended or supplemented, such provision of
                                         the law shall prevail, but without derogating from and/or affecting the validity and
                                         effect of the other provisions of this Letter of Indemnity.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 38pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 34pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Letter of Indemnity shall come into effect upon your signing a copy of this Letter where
                                         indicated and delivery of the signed copy to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 38pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 34pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         in this Letter of Indemnity shall be interpreted as derogating from any of the provisions
                                         of the Letter of Exemption granted to you by the Company, if any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 38pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 34pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supplement hereto
    constitutes an integral part hereof.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 38pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 34pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Letter of Indemnity shall be governed by Israeli Law and the competent court in Tel Aviv
                                         shall have exclusive jurisdiction to hear any disputes arising from this Letter of Indemnity.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In
witness whereof, the Company has hereunto set its hand:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 176pt; text-align: center; text-indent: -168.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:____________</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;__________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 180pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
Biosciences Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
the undersigned, hereby acknowledge receipt of this Letter of Indemnity and confirm my agreement to the terms and conditions hereof
including the provisions of section 5.8 above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal"><U>___________________</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">[Name
and Signature]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 361pt; text-align: center; text-indent: -395.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
Supplement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 361pt; text-align: center; text-indent: -395.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 361pt; text-align: center; text-indent: -395.1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 5.4pt 1.5pt; text-indent: 0; width: 6%">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>The Specified Events</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Final
Liability (NIS)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 5.4pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">1</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand made by a customer, supplier, contractor or any third party that engage in any type of business with the Company, its subsidiaries, affiliates or Another Corporation as such term is defined above (collectively and/or severally referred to in this Supplement as: &ldquo;the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Company</B><FONT STYLE="font-weight: normal">&rdquo;), including with respect to the conducting of negotiations with the above. </FONT></FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">5,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 5.4pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand made in connection with a transaction, regardless of whether such transaction was conducted in the Company&rsquo;s ordinary course of business or not, including for acceptance of credit, sale, lease, transfer or purchase of assets or liabilities, including securities and receipt and/or providing an option for such sale, lease, transfer or purchase of assets or liabilities.</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 5.4pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">3</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand made by employees, consultants, agents or other individuals or an entity employed by, or providing services to, the Company in connection with compensation owing to them or damages sustained by them or liabilities incurred by them in connection with their employment by the Company or their engagement with the Company, including Events associated with employees&rsquo; terms of employment and labor relations, including employees&rsquo; promotion, processing pension arrangements, insurance and savings plans, granting securities and other benefits. </FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 5.4pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">4</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand concerning a failure to disclose or to a supply any kind of information on the due date for disclosure under the law, or in connection with an erroneous or faulty disclosure of such information, to third parties, including to the holders of the Company&rsquo;s securities, or to prospective holders of securities, including with reference to an issuance, allocation, distribution, purchase, holding or connection to the Company&rsquo;s securities or any other investment activities involving or affected by the Company&rsquo;s securities. Without derogating from the generality of the aforesaid, this Event shall also apply to a public offering of securities pursuant to a prospectus, private offering, exchange tender offer or other offering of securities. Any claim or demand concerning a failure to disclose or to supply any kind of information on the due date for disclosure under the law, or in connection with an erroneous or faulty disclosure of such information to third parties, including to the income tax authorities, value added tax authorities, the National Insurance Institute of Israel, the Israeli Investment Center, local authorities, the Ministry of the Environment and any other governmental or institutional entities or professional or other unions.</FONT></TD>
    <TD STYLE="padding: 0 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">40,000,000</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><SUP>1</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts listed below are linked to the increase
    in the Consumer Price Index from the execution date of this Letter of Indemnity and until the actual indemnity date.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand concerning any Event arising from or connected to the issuance of the Company&rsquo;s securities to the public or a private issuance (including, without limitation, claims based on a prospectus published by the Company, or a disclosure or failure to disclose any details therein, or reporting or failure to report any matters following the issuance, or compliance or non compliance with the provisions of any relevant securities laws) and including any claim or demand concerning all matters ought to be disclosed in such prospectus, including any draft thereof, occurring prior to the date of such prospectus, or thereafter during the period commencing on the date of such prospectus and ending upon conclusion of the subscription period which were not duly disclosed in such prospectus as required under the law or in later reporting of the Company (hereinafter: &ldquo;Misleading or Deficient Reporting&rdquo;), provided that immediately after becoming aware of such Misleading or Deficient Reporting in the prospectus, the Officeholder duly acted as required under the law. In this matter, &ldquo;reporting&rdquo; - including interim reports, immediate reports, financial statements and any other reporting required of the Company or the Officeholder under any law.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">40,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted on the basis of any actual or alleged cause of action or misuse of any third party intellectual property by the Company or anyone on its behalf, including the breach of various patent rights.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted by a lender or creditor or relating to moneys loaned by them, or debts owing to them by the Company. </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">35,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">8</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand filed by a third party that sustained an injury or damage to a business or personal property, including loss of use of such business or personal property during the course of an act or omission attributed to the Company, or to any of its employees, agents, respectively, or other persons operating or purporting to operate on behalf of the Company.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">9</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand made directly or indirectly in connection with a full or partial omission by the Company, or its Officeholders, directors or employees, in anything relating to payment, reporting, or documentation of documents, to any state, foreign or municipal authorities or any payment required under the laws of the State of Israel and any other country, including the payment of income tax, sales, appreciation or transfer taxes, excise, value added tax, stamp tax, customs, national insurance, salaries or delay in payment of salaries to employees or other delays, including any type of interest and linkage differentials.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">10</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted by purchasers, owners, lessors, leasees or other holders of assets or products of the Company, or individuals engaged with such products, for loss or damage arising from use of such assets or products.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt 0 0; text-align: justify">Any administrative, public or judicial actions, orders,
        judgments, claims, demands, letters of claims, instructions, arguments, charges, attachments, investigation proceedings, or notices
        on non compliance or violations from any governmental authorities or other entities asserting potential liability or accountability
        (including enforcement expenses, investigations, governmental reactions, cleaning, removal or repair for any damage to natural
        resources, soil damages, bodily injuries or fines or donations, indemnification, recuperation expenses, compensation) resulting
        from the aforesaid, in Israel or outside Israel based on or connected to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt 0 0; text-align: justify">Any occurrence of fluids release, discharge, leaking, flooding,
        spill, disposal, emission, leaching or migration into the environment on and/or under and/or above land (hereinafter, collectively:
        &ldquo;<B>Pollution</B>&rdquo;) or hazards of Pollutions or exposure to any kind of dangerous, explosive, toxic or radioactive
        substances, waste or other materials that are subject to regulatory duties pursuant to environmental laws, at any location belonging
        to, operated by, rented or managed by the Company.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt 0 0">Circumstances creating any kind of violation of environmental
        laws, environmental licenses or permits or any additional authorizations required under the environmental laws.</P></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">12</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any administrative, public or judiciary acts, orders, judgments, claims, demands, letters of demands, instructions, arguments, investigations, proceedings, or notices on non compliance or violations of any governmental authorities or other entities asserting non compliance with the provisions of any law, regulation, order, ordinance, rule, custom, directive, licensing or judgment by the Company or by the Company&rsquo;s Officeholders in their capacity in the Company.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">5,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">13</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand with reference to the restructuring or reorganization of the Company or any related resolution, including without derogating from the generality of the foregoing, merger,&nbsp;&nbsp;split, modification of the Company&rsquo;s share capital, incorporation of subsidiaries, dissolution or sale of subsidiaries to third parties.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">5,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">14</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand with reference to any resolutions or acts of the Company or any Officeholder in his/her capacity as Officeholder of the Company, after conducting examinations and consultations appropriate for such types of resolutions or actions, including resolutions adopted at the Company&rsquo;s board of directors or any of its committees.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">5,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">15</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand with reference to any expressions, statements, including statements of opinion or position or voting at&nbsp;&nbsp;general meetings of corporations and/or other organs of such corporations by an Officeholder in his/her capacity as Officeholder of the Company.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">3,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">16</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand with reference to any opinion of the Company&rsquo;s board of directors in the context of a tender offer to offerees, as to the feasibility of a special tender offer in accordance with the provisions of Section 329 of the Companies Law, 5759 - 1999 or a failure to provide such opinion.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">17</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand which refer to any of the Events set forth above, in connection with the Officeholder&rsquo;s service with any of the subsidiaries and/or affiliates of the Company and/or Another Corporation, all in his/her capacity as Officeholder and/or employee of any of the above companies. </FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">10,000,000</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">18</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">All acts associated with the performance of a transaction in the field of insurance or acts that resulted in a failure to procure appropriate insurance arrangements, including the engagement with reinsurers and/or agents and/or insurers and/or insureds and/or other customers.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">19</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any acts in connection with a distribution, including the purchase of shares of the Company, provided that indemnification for such act does not constitute a breach of any law.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand filed in connection with sale or purchase transactions or holding marketable securities for or on behalf of the Company.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">21</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted in connection with an investment transaction considered and/or made by the Company in any securities, conducted in the stages prior to and/or following such investment transaction, for the purpose of entering into the transaction, its execution, development, follow-up or supervision.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">22</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim and demand instituted by holders of the Company&rsquo;s securities, including the Company&rsquo;s shareholders, including holders of future securities (including shares) of the Company or creditors of the Company, for breach of the companies laws, securities laws or any other law conferring causes of action upon the above.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">40,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">23</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted in connection with an application to or appointment of a receiver for all or part of the assets of the Company and/or its subsidiaries and/or affiliates and/or a dissolution application against the Company and/or its subsidiaries and/or affiliates and/or any other proceedings filed for the purpose of settlement or arrangement with the creditors of the Company and/or of its subsidiaries and/or affiliates.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">24</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Acts in connection with, without limitation and without derogating from the generality of the foregoing, the purchase or sale of companies, legal entities or properties, as well as Events, directly or indirectly relating to business antitrusts, including restrictive arrangements, monopolies, splits or mergers and any legal or other consequences arising therefrom.</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">25</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Any claim or demand instituted with reference to any required reporting or notice and/or the failure to provide a report or notice under the Companies Law, 5759-1999 and/or the Securities Law, 5728-1968, including the regulations promulgated thereunder, or pursuant to any similar foreign laws and regulations, or the applicable rules or directives of any Israeli and/or foreign stock exchange.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">40,000,000</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></P>

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<TYPE>EX-10.13
<SEQUENCE>15
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
10.13</B></FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; font-variant: normal"><B>THERAPIX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; margin-left: 60pt"><FONT STYLE="font: normal 18pt Times New Roman, Times, Serif"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal">BIOSCIENCES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 0 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
______</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal"><U>Mrs./Mr.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal"><B><U>Letter
of Exculpation </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s remuneration committee and the board of directors resolved on ______ and the Company&rsquo;s general meeting with
the requisite legal majority resolved on _____ to grant you this Letter of Exculpation in the form acceptable in the Company with
respect to Officeholders, all as set forth in this Letter of Exculpation, which exempts you from any or all liability towards
the Company for any damage arising from a breach of the duty of care owing to the Company (hereinafter: &ldquo;<FONT STYLE="font-variant: normal"><B>the
Exculpation Resolution</B></FONT>&rdquo;), excluding damage resulting from a director&rsquo;s breach of the duty of care in distribution,
as such term is defined in the Companies Law, 5759-1999. Therefore, we hereby inform you that as you are currently serving and/or
have been serving and/or may be serving in the future as an Officeholder in the Company and/or any of its subsidiaries and/or
affiliates and/or currently employed and/or were employed and/or may be employed in the future by the Company and/or any of its
subsidiaries and/or affiliates, the Company hereby acknowledges and undertakes towards you, subject to the provisions of any law,
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Sections 259 and 263 of the Companies Law, 5759-1999 and any other statutory provisions in substitution thereto,
the Company hereby exempts you in advance from any liability towards the Company due to any damage, directly or indirectly, sustained
or to be sustained by it due to the breach of the duty of care you owe to the Company, as a result of your acts in good faith
and by virtue of your employment or service as an Officeholder in the Company and/or any of its subsidiaries and/or affiliates,
as applicable, from time to time, excluding a breach of the duty of care in distribution.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s undertakings under this Letter of Exculpation shall be broadly interpreted and in a manner intending to uphold
them and comply, to the extent permitted under the law, with the purposes of this Letter of Exculpation. In the event of a conflict
between any provision in this Letter of Exculpation and the provisions of any law which cannot be stipulated against, or which
may not be amended or supplemented, such provision of the law shall prevail, but without derogating from and/or prejudicing the
validity and effect of the other provisions of this Letter of Exculpation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Letter of Exculpation shall be interpreted as derogating from any of the provisions of the Letter of Indemnity granted
to you by the Company, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<FONT STYLE="font-style: normal; font-variant: normal"><B>Act</B></FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&rdquo;
    or anything deriving therefrom for the purpose of this Letter of Exculpation</FONT></td>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></td>
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    such term is defined in the Companies Law, 5759-1999, including a resolution and/or omission, and including all your acts
    performed by you prior to the date of this Letter of Exculpation during the terms of your employment and/or service as an
    Officeholder in the Company and/or during your service as an Officeholder, employee or agent of the Company for another corporation
    in which the Company directly and/or indirectly holds securities.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<FONT STYLE="font-style: normal; font-variant: normal"><B>Officeholder</B></FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;
    for the purpose of this Letter of Exculpation</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    such term is defined in the Companies Law, 5759- 1999, including any employee to whom the Company resolves to grant a Letter
    of Indemnity.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapix
    Biosciences Ltd.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"></P>

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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
