-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UOSBvp5NNJ8seG+4pGPBAGQOvbKR6ZLOQpTyyFVbXVZJ1CDLL9p8b8TnsPqcY8uu
 M7xkQh1I8iLw2AyqVSttFA==

<SEC-DOCUMENT>0001144204-07-048672.txt : 20070910
<SEC-HEADER>0001144204-07-048672.hdr.sgml : 20070910
<ACCEPTANCE-DATETIME>20070910160828
ACCESSION NUMBER:		0001144204-07-048672
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070910
FILED AS OF DATE:		20070910
DATE AS OF CHANGE:		20070910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XTL BIOPHARMACEUTICALS LTD
		CENTRAL INDEX KEY:			0001023549
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51310
		FILM NUMBER:		071108928

	BUSINESS ADDRESS:	
		STREET 1:		711 EXECUTIVE BOULEVARD
		STREET 2:		SUITE Q
		CITY:			VALLEY COTTAGE
		STATE:			NY
		ZIP:			10989
		BUSINESS PHONE:		972-8-930-4440

	MAIL ADDRESS:	
		STREET 1:		711 EXECUTIVE BOULEVARD
		STREET 2:		SUITE Q
		CITY:			VALLEY COTTAGE
		STATE:			NY
		ZIP:			10989
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v087321_6k.htm
<TEXT>
<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Form
      6-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Report
      of Foreign Private Issuer</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Rule 13a-16 or 15d-16 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>of
      the Securities Exchange Act of 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      September 10, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commission
      File Number: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>000-51310</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>XTL
      Biopharmaceuticals Ltd.</u></strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation
      of registrant's name into English)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>711
      Executive Blvd., Suite Q</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Valley
      Cottage, New York 10989</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether the registrant files or will file annual reports under
      cover Form 20-F or Form 40-F.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      20-F</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      40-F
<font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(1): <font style="FONT-FAMILY: Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(7): <font style="FONT-FAMILY: Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether by furnishing the information contained in this Form,
      the
      registrant is also thereby furnishing the information to the Commission pursuant
      to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes
<font style="FONT-FAMILY: Wingdings">o</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
&#8220;Yes&#8221;
      is marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b): 82-</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>
      N/A
</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo.jpg" alt="XTL Biopharmaceuticals Logo"></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation
      by Reference: This Form 6-K of XTL Biopharmaceuticals Ltd. dated September
      10,
      2007 is hereby incorporated by reference into the registration statement on
      Form
      F-3 (File No. 333-141529) filed by XTL Biopharmaceuticals Ltd. with the
      Securities and Exchange Commission on March 23, 2007.</font></strong></font></div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>XTL
      Biopharmaceuticals Initiates Phase IIb Clinical Trial of Bicifadine<br>for the
      Treatment of Diabetic Neuropathic Pain</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company
      to Hold a Conference Call Tomorrow (Tuesday) at 8:30 am EDT to<br>Discuss the
      Clinical Trial</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Valley
      Cottage, New York, September 10, 2007 </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      XTL
      Biopharmaceuticals Ltd. (NASDAQ: XTLB; LSE: XTL; TASE: XTL) today announced
      the
      initiation of a Phase IIb clinical trial of Bicifadine - a serotonin and
      norepinephrine reuptake inhibitor (SNRI) - for the treatment of diabetic
      neuropathic pain. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bicifadine
      is being developed for the treatment of diabetic neuropathic pain which
      represents a significant unmet medical need in the rapidly growing multi-billion
      dollar neuropathic pain market. Bicifadine is a member of the SNRI drug class,
      a
      proven class in the treatment of diabetic neuropathic pain. Bicifadine&#8217;s
      efficacy in reducing pain has been clearly demonstrated in over 15 clinical
      trials in acute pain, and its favorable safety profile has been established
      in
      over 3,000 patients. Importantly, Bicifadine has a unique ratio of reuptake
      inhibition of serotonin versus norepinephrine, which differentiates it from
      other members of the SNRI drug class. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Phase
      IIb trial that was launched today is aimed at demonstrating the efficacy of
      Bicifadine in diabetic neuropathic pain, using a study design that is similar
      to
      the successful registration trials of Cymbalta&#174;, a member of the SNRI class that
      is approved for this indication, and other approved agents for neuropathic
      pain.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Phase
      IIb study is a randomized, double-blind, placebo-controlled study comparing
      200mg 3x/day (tid) and 400mg 3x/day (tid) of Bicifadine versus placebo, with
      a
      1:1:1 randomization between the three arms, in patients with diabetic
      neuropathic pain. The Phase IIb study is designed to enroll approximately 330
      patients. Approximately 45 clinical centers in the United States, Europe and
      India will participate in the study. Following randomization, all patients
      will
      enter a 2-week titration period to allow them to gradually escalate up to their
      target treatment dose. This will be followed by a 12-week steady-state treatment
      period at the target treatment dose. The primary endpoint of the study is to
      compare the efficacy of each of the two active doses of bicifadine (200mg tid
      and 400mg tid) versus placebo in reduction of pain associated with diabetic
      neuropathy, at baseline (at the time of randomization) versus week 14 (week
      12
      of the steady-state phase). Pain will be measured based on a 24-hour pain rating
      using the 11-point Pain Intensity Numeric Rating Scale (formerly referred to
      as
      the LIKERT scale).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      lead
      investigators in the study are Dr. Andrew Boulton, M.D. and Dr. Sherwyn
      Schwartz, M.D. Dr. Boulton is Professor of Medicine, Division of Endocrinology,
      Diabetes and Metabolism, at the University of Miami and the University of
      Manchester, UK. Professor Boulton has been active in clinical research in
      diabetic neuropathy over the last 25 years and has published over 250 peer
      reviewed articles on the subject.&#160; He was co-chair of the committee that
      formulated the American Diabetes Association statement on diabetic neuropathy
      published in Diabetes Care in 2005. Dr. Schwartz is Chief Executive Officer
      and
      Chief Medical Officer of DGD Research, Inc. which is the largest diabetes and
      endocrinology practice in the United States. Dr. Schwartz has over 20 years
      of
      clinical research experience in diabetes and diabetic complications, and has
      participated in hundreds of clinical trials in the field. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
      Christine Sang, Director of Translational Pain Research at the Brigham and
      Women&#8217;s Hospital, Harvard Medical School, and Chair of XTL&#8217;s Scientific Advisory
      Board, commented, &#8220;Based on the evidence for the role of SNRI&#8217;s in the treatment
      of neuropathic pain, I believe that Bicifadine has strong potential to be
      successfully developed as a treatment for diabetic neuropathic pain. I am also
      encouraged by the drug&#8217;s activity observed in previous acute pain studies and
      its safety exposure in over 3,000 patients to date.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
      Andrew Boulton, Co-Lead Investigator in the study, commented, &#8220;This study design
      is similar to the design of the successful registration trials of duloxetine
      (Cymbalta&#174;) in diabetic neuropathic pain and those of other approved agents.
      This study is well powered to demonstrate a clinical benefit that is comparable
      to the approved agents for this disease. I am happy to be involved in this
      important program.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
      Sherwyn Schwartz, Co-Lead Investigator in the study, commented, &#8220;As the head of
      the largest diabetes center in the country, I believe that diabetic neuropathic
      pain continues to be an area of tremendous unmet medical need, as many patients
      do not adequately respond to the limited number of therapies that are available.
      I am intrigued by the possibility of having another SNRI with a unique ratio
      of
      reuptake inhibition of serotonin versus norepinephrine to offer to my patients.&#8221;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ron
      Bentsur, XTL&#8217;s Chief Executive Officer, commented, &#8220;We are very excited to be
      initiating this late-stage clinical trial for Bicifadine and are enthusiastic
      about the strong support for this trial from many of the top clinical
      investigative sites from around the world.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">XTL
      in-licensed the world-wide rights to Bicifadine from Dov Pharmaceutical, Inc.
      (NASDAQ OTC: DOVP) in January 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONFERENCE
      CALL INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">XTL
      will
      hold a conference call tomorrow, Tuesday, September 11, 2007, at 8:30 am EDT
      to
      discuss Bicifadine and the Phase IIb clinical trial. In order to participate
      in
      the conference call, please call +1-877-502-9272 (in the United States),
      +1-913-981-5581 (outside the United States), call in passcode: 2040477. An
      audio
      recording of the conference call will be available for replay by calling
      +1-888-203-1112 (in the United States), +1-719-457-0820 (outside the United
      States), replay passcode 2040477, for a period of 45 days after the
      call.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ABOUT
      DIABETIC NEUROPATHIC PAIN</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diabetic
      neuropathic pain is a chronic pain condition resulting from damage to nerves
      in
      patients with diabetes. Diabetic neuropathic pain, which manifests itself
      primarily in the feet, can often be debilitating thus preventing patients from
      carrying out their normal day-to-day activities. In the United States, it is
      estimated that 4.5 million patients with diabetes suffer from diabetic
      neuropathic pain. Diabetic neuropathic pain is the largest segment in the
      rapidly growing market for neuropathic pain drugs. This market was estimated
      at
      $1.8 billion in 2005, and is expected to grow to $5.5 billion by 2015. Only
      two
      oral drugs have been approved to date by the FDA for the treatment of diabetic
      neuropathic pain (Eli Lilly&#8217;s Cymbalta&#174;, an SNRI, and Pfizer&#8217;s
      Lyrica</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#174;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">);
      however, the response rates to these drugs are limited. Consequently, millions
      of patients remain without adequate treatment options and seek new drugs that
      could provide better relief for their chronic pain. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ABOUT
      THE SNRI DRUG CLASS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Serotonin
      and Norepinephrine Reuptake Inhibitors (SNRI&#8217;s) are drugs that increase the
      levels of serotonin and norepinephrine in the brain, thus blocking pain signals.
      SNRI is a proven drug class in diabetic neuropathic pain as well as Major
      Depressive Disorder. One SNRI (Eli Lilly&#8217;s Cymbalta&#174;) is already approved for
      the treatment of diabetic neuropathic pain, while a second SNRI (Wyeth&#8217;s
      Effexor&#174;) has demonstrated efficacy in treatment of diabetic neuropathic pain in
      large, randomized and placebo-controlled studies. Both Cymbalta&#174; and Effexor&#174;
are also approved for depression. A third SNRI (Cypress&#8217; Milnacipran&#174;) recently
      demonstrated efficacy in a Phase III trial in a related neuropathic pain
      indication (fibromyalgia), providing further evidence of the efficacy of the
      SNRI class in neuropathic pain. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ABOUT
      BICIFADINE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bicifadine
      is an SNRI which is presently being developed for the treatment of diabetic
      neuropathic pain. As a member of the proven SNRI class, Bicifadine is expected
      to demonstrate efficacy in the treatment of diabetic neuropathic pain.
      Bicifadine has already demonstrated its efficacy as an analgesic in 15 clinical
      trials in patients suffering from acute pain, including in two large,
      randomized, placebo-controlled Phase III trials. In addition, Bicifadine has
      already demonstrated a favourable safety profile, having been evaluated in
      more
      than 3,000 patients. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bicifadine
      is different from other approved members of the SNRI class in its unique ratio
      of inhibition reuptake of serotonin versus norepinephrine (which is weighted
      towards norepinephrine reuptake inhibition). This unique ratio is expected
      to
      translate into a unique response profile of patients to Bicifadine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      the
      treatment paradigm in neuropathic pain involves switching patients among drugs
      (both within the same drug class, as well as among drug classes), in order
      to
      find the specific drug to which the patient responds best, Bicifadine is
      expected to offer a unique alternative to patients who do not adequately respond
      to the currently approved drugs. Furthermore, if clinical trials demonstrate
      that Bicifadine has an advantage over the currently approved drugs in either
      overall efficacy rates, safety profile, or onset of action, it has the potential
      to become a first-line treatment for diabetic neuropathic pain. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ABOUT
      XTL BIOPHARMACEUTICALS LTD.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">XTL
      Biopharmaceuticals Ltd. (&#8220;XTL&#8221;) is engaged in the development of therapeutics
      for the treatment of neuropathic pain and hepatitis C. XTL is developing
      Bicifadine, a serotonin and norepinephrine reuptake inhibitor, for the treatment
      of diabetic neuropathic pain. XTL is also developing several novel pre-clinical
      hepatitis C small molecule inhibitors. &#160;XTL also has an active in-licensing
      and acquisition program designed to identify and acquire additional drug
      candidates. XTL is publicly traded on the NASDAQ, London, and Tel-Aviv Stock
      Exchanges (NASDAQ: XTLB; LSE: XTL; TASE: XTL).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contact:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ron
      Bentsur, Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
      +1-(845)-267-0707 ext. 225</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Cautionary
      Statement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Some
      of the statements included in this press release, particularly those
      anticipating future clinical and business prospects for our clinical compound
      for neuropathic pain, Bicifadine, the likelihood of successful results from
      a
      clinical trial with Bicifadine, operating strategies and similar matters, may
      be
      forward-looking statements that involve a number of risks and uncertainties.
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>For
      those statements, we claim the protection of the safe harbor for forward-looking
      statements contained in the Private Securities Litigation Reform Act of 1995.
      Among the factors that could cause our actual results to differ materially
      are
      the following: our ability to successfully launch a Phase IIb clinical trial
      with Bicifadine, recruit adequate participants for such a Phase IIb clinical
      trial, obtain positive trial results from a Phase IIb clinical trial, and our
      ability to successfully complete cost-effective pre-clinical trials for our
      DOS
      program, all of which will directly impact our ability to continue to fund
      our
      operations; our ability to meet anticipated development timelines for all of
      our
      drug candidates due to recruitment, clinical trial results, manufacturing
      capabilities or other factors; and other risk factors identified from time
      to
      time in our reports filed with the Securities and Exchange Commission and the
      London Stock Exchange, including our annual report on Form 20-F filed with
      the
      Securities and Exchange Commission on March 23, 2007. Any forward-looking
      statements set forth in this press release speak only as of the date of this
      press release. We do not intend to update any of these forward-looking
      statements to reflect events or circumstances that occur after the date hereof.
      This press release and prior releases are available at http://www.xtlbio.com.
      The information in our website is not incorporated by reference into this press
      release and is included as an inactive textual reference only.
</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>XTL
              BIOPHARMACEUTICALS LTD.</strong></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              September 10, 2007</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bill
              Kessler</font></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bill
              Kessler</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2">&#160;</td>
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director
                  of Finance</font></div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`/0"D`P$1``(1`0,1`?_$`,T````%!0$!````````
M```````("0H+`0(#!@<%!`$``0,%`0``````````````"``"!P$$!08)`Q``
M``4#`@,$!@0)"`L``````0(#!`41!@<`""$2"3%!$Q1182(5%@IQ,A@Y@9&A
MP6(SLW9WT2,DM+76EUCPL?%"4F,U1387&1$``0($!`(%!P8*"`8#`````0(#
M`!$$!2$2!@<Q05%A<1,(@9&Q(C(4%:'!<B,6-M%"4I*RTG-4=!?A\6(S@Y,D
M&/""PD-3-"4F"?_:``P#`0`"$0,1`#\`?X%/S4]H1Y@J%![::\0D#VG)B*!:
MC^)*-+R1?D#BZP+XR5="JJ-NV#:-PWC.*I%%18(JVXEW,/RH$[3N#-F9@('>
M:@:]J2FJ+A5MV^D("G5!()XS)EYH\:NK;I*1=142[M`)('4(9(3GS8N61S46
M9MO;U;1]O:,D9((!V^`<@RD"1X*2<PE<7B%9,EG,?1<&YFAC$,/()A'CHG:/
MP[BILB<]=_\`+A&8S'J2E/#^O'C$'O;P%-Q4RA$J1)E(@S"I\.'DX<>?.'F^
MW7.-I[D,'XYSE97F4[9R5;$==$:S=T\ZP3D42+&CG8@!0%RS,;D/P"HAV:&J
M\6RIM5VJ+8^Y,L**20,,/FB9K37MWBWLUJ?52\F<OFCM0FY:`(#6O"H@%.SB
M'JU8I<4@95%(5YHR)!7)67A%P5[N;\6JI"/^Z$YNJ$3FQ(/GBOM?I?BT[ZCH
M$4E]+SP/:_2_%I?4=`A2^EYX'M?I?BTOJ.@0I?2\\6^(`&Y1K6E>(<*"-/R:
M;G:"LJ03V0BE/%2I#H,92B`CP`.SM#7MQ$-'=YO5XQDU2'Q\5033`!JH%>P`
M[`[N'=KP+BF7"MXDSPP&$,S.M"7K..<^F/H1$!*(@(CQ_P!X:B'`.'=33V^$
M\V8$\82)2PG/G/C.+CE`P4'TUTG4YDRZX<4@\8^8Q^4]"B!0`*B'I^GUCJCB
MW%HDV,>F**0ZI0=4L!L0`,54"\IA`*B%!#VN'\O=J@J&F7,BU36J/0H2,%IS
M'ICZ$Z`6@5X#3C_L#5PKC.&R`P``'5&3384#2A0-*%"+?6T/O6LO:NKF[9-E
M>X[`NK#CU>?OZW8!LP<FNRQG":1)5T!7C!^8'-N(H&7(4H!XG.(!V:WS;=K3
M=3J%%!J=`50OX((D,JN6:?*-.UP;RQ:U5EG<4EU/$=7DAG=MPZY6[F8RE&65
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M5PWNHHYCWIB-95Z@"C4H"'*0XUJ(ZR&G]J[9>:5>H=8MRN%Q45@#`-@XX@QC
M-0ZUKK+5MV>R.`4=,`$RG,GK,Y&%H-K.9NIC$=*+=#OXW'[EKS5N&XL8R4SM
MWMN290K5Q:L7&D6,CD%TM[H01,>X05`&R(@(I^7$3A[0!J(M26?1CVX5%I'3
MS:/=RL!YPF:<.($N'7/IB0;77:A:T=57:XK6JXH$VP,!VGCAR$CRX#A#:Y#K
MT]4`$4Q-O%NT]4TQ$WAVG41$@"(_]%[Q'1`HV?VY`!4EI24@3Q&)EC+&(G.N
MM<S(2XXF1(D4GICT$>NSU3G!!60W<WFLC7EYTFMKJ%`WH$Q(,Q:_AUZ?RBVY
M?3.EI<PG*<P8M7-R-8,J[IU]0>E.13+#RQC4Z\'5%0/X:^\"[D3T`>15"UDS
M4$*E$2G@Z\=>:MH=NVE=V\TVAP])'X8]&MQM9K3G2MU:.I/X)Q:3KQ=4510$
MD]X5V**CP*FFE:AS&'T`4L)S"/T:>QL[MRM:62EE3B^&4_TF'.;AZU">\"W4
MM])3_5!\^F9U>NHGG/?7M[Q9E#<K=UU6'=UT&87';[MK`IMI-KRI#X*QFT.@
ML4H#7ZIP'B.M5W#VMT?8-*UMRMK.6K8;FD\ISC.:4UEJ"[7QBFKWBIMQ821U
M$$],N42')/KCQX!4`#NH`^C0:GB%<\8)0`!&`'&,VG12&V5\;P=R$7U5(C!3
M#*<XVQ4\S?;MJ*V@1./\B,$_7`CEB"AF8N>0Y1_XZ^O1QVC:+1-5X='M=/TY
M5J!-K>?"\)9T":?)TQS:ON]6X%/XLV=OZ2L6G32[LU3J;_L+("NJ?1A#D5,]
M!.6GL@8P`/=P&E-`OD#)F"`@B<NN.DBE26$2/`&?;%5#CP"H!7@'>-=5&9P^
MJ1DYQ216O)/""P;R)O(MM[;<M3F)QF`R-'6FX7M(;>9GD)?WL5TT*EY)DF@Y
M477%(3T`$S<.[6X;?4]IK=84%'?%)1IUQ\!Y1(!"<<9G#SQ'>[3FH:;;JZ5N
MEPI6H&6"JG2)XJF)3EB?)!/NE=D/=#D#'^07>YM:^%IYE<1$[?\`C>"6@7A(
MPYE:@V06CHXRR0@0*&H;AV]NI)W^LNWECOE$SH);3]&XP%+*%)5)7/%),HB7
MPOW?<RZ6"M7N;WPJVGLK?>`@Y<>D=/#JA5],_LCPI3T]M:?GU!"BXI.9(D>B
M">FC$H([OIZXJ90_"E*"'>`U'UZ1"^[GP7#P`49DD$Q=S#2O,4/IU5M*P).2
M)ZHJ)$8#&,O=_I358;'ERL0PFH]]$RC)K(QDFT<,)&/>(D7:O63I,4G#9PBJ
M4Z:J2J9A`Q3`("`TTU!<:=#S9DY,8]$NB*.H;?94RZ)H4)1&3]<+IHR6P;<Y
M*2]M,SN=OV<I29N3';DB"HH6^]="H\FK->N!(5$7C=4RRR=/9\`Y0"G9H\-I
M=>'4^GFZ-R2KK2^HM)QFW+`CG`L:_P!,U&G[B:AC_P!1U69)'$$&?G'5!A\=
M]<^_K(Z2ER;-Q?2RVX1"4'&-FWT9VL99#"\M'*/7<NLL8XG3=P@@$*BD4:"V
M/S4X!36;CM'3O;@B^-%L6M0[THECW@/"7"1XGKB]9W">:TJ+8@K][0<@,Q[$
MN$SC/HY03;HZ=/"3Z@&[2U;7G6+PV$,;/V=XYBFDB./+O8J-.1RTM(DCRF*C
M+3:HD$HB(\R:9ZZW#=;6C6B-**6C*[=*A.5"`<4`B4P.H8X1B]`::^T]V]YJ
MI^[H,U3XF71V\,>7*)/0V-[(/9C?':]IVX^L-M$-8$EG2$+&O+;-#M&Y&R,<
MI#.&JD:HT\(E!3,F)/5QT!OO-0ESWEE135@S"YD*F>./&"I##*6/=<H+)$I=
M4<K':-M5)RTVR[?@H`%*!<.X\Y0``X!_XX`T#T:O1J#4"02JLJ,>AQ?ZT8I=
MAL^8*-,T0#^2/P1'S_,<V596/^HC(VW85HVO8\$ECNW'`0EGV[#VS$>.Y:,5
M3K^[H5FR:"L83#4_)S#7MT96P=2]4Z:-77NN._6J3)1*C@>DDF!YW6IZ6EOW
M=4S24#NTGU0!B9GEPA>CY9;!>%,E;";DFLBX=Q9?LVCE^[&B4Q>>/[3N:5(T
M([6\)L62FHE\]\!(H`!"<_*4.``&H@WUNETHM8"GHWW6V^ZF`E:DC$\Y$8QO
M^V-JMU;IU3E2TA:BN6(!Y0>OK.;;-O=H]-G<Q/VE@G#5J3\=9IEXZ=MS&%DP
MTPR6*8P<[24CH-L^:*<?KIG*8/3K4ML[Q='M=6YE^I?4@O`*!6HB1ZB2(V+6
MUHMM-I1\LLMI6A,YA(GAT&&-71N$P]2?:B)AYA^+25&A0[$$0[NWZ1XZ+7=9
MH-:%N@!F"B8^2($T(0=3TTN`?'H7$K$'ZT?PZY[\QY?28+X>QY8S:=#(:`YI
MN")M;K)(W///THF`MO/EN3,S).#)D09Q[%45':ZISC0"$)V]^NF>E6JFN\)#
MM/2-..5#EM=IT)`F5+<P!`Y@<^<<?=;5E!9_&C\5KG$M4=-=VWW%*,@E*/65
M,])'#E!Y\H]<-PK<,I$[=<`3F1(F*D7C!U<5P-YXT>_!LX4;@[CBVDA('2;K
M*$'E\;E-3CJ#;)X4%NVQBMU7>Z*WUSS:5!I13-(/`*S2.;IPE!':B\:;K5T?
MH]%:=K;K;FG"GO@%$$CFG)^+T8SCH&WKK98RR!<\+9&;+`E<33\M)MXD9I%4
MZ]JLI!RH5LW0?)R8ISK,5%S%*!CH@4*\:<1UCM;>$K5-@T^[JBPU]-<K8P)J
M;;Q<(Z4Y9@X8QE-`^-+3.I-0-:6U1;GK3<'B`%K5)"23*2LV/5"L6<LPQN&,
M-WUF=:/<7!$V1;JER&91:Z/C2S5)5NDF1DX%0&XD6*X`P&YJ"`:&32%@J-6Z
MDHM*MS8K*NL+*2H2"3CBH<9805FM]9T^B]'7'6"&_>F*2C[\!)!"TX<#Y8X1
MLAWJ0F]2RKDOB`LV9LUM;DZX@58^:<MG2[E4@@`.4S-E5DR)"7C2M=;[N[M-
M4;2Z@I;/7U(J:AZF#@4D$``\C/&<:1LCO)1[RZ;J+U34JJ8-/Y"DD*/3,2)P
MEYHT?>%U*,'[0GJ=M3A)*^\@.$5%O@^U7#(7444$^9NM-+N7"*#5)53V>3F%
M7]$*@.LAM9L3K3=3O;A;O]+9*=/K.NS"29F>0RQ,L>B,!O#XCM$;0)%!6GW[
M43JB$T[,LR<!(KZ!/#IA,T_6YS\*WOLNTHGP&8?'3ECI7X+LK/FYO$.L1@:+
M,<4N(&!04Z]]-38WX4=,Y@T[JFE3<SADFF0)ZIS^2!U'C:U9D]Z^R-6;?F]H
M)<`R],_9ZX4TV<=2C"&[Y=2V(5.4LK(C=$JBMF70LP([?`0H>.O#JMESINT2
M'X`01\4`[0X#J'-T]A-7[3N)K:]::RR.":7V@2CJ!F)`_)!(;/>(W1N[Y7;J
M+-07QN0++I&92N81S,N!'5"C_,6G:'9^;4)YAQY0068>S,9HOKJL.A%GKW8?
MP-E3IUY<?YQN9I9)<?-T;JQ]=BG(9ZSODIBH1<(R1.8`6-=:I4V"@`',4BO-
MV%XR)M5<KM0:S819B55#IRK3_8)Q)Z)=,:1N!2TM3IQUQ^6=H%2>V7*(POQ5
MQ;)G4+R+BW)S%Y0$Y53)`;E,;M'E-P`!T?[YI<B6I'WU2?(%RZ>V!$]IU009
MM9S(](!^<8Q)1_+K6SMIANGI:,M@-^24N6X9J45S1(R";=&XDL@-5_#>Q<BB
MFJJJG%QISJ$C^;@9$1$.\``7==Z]KU<ZQ>"H*;/J#'*4\B#P/7*"MV\IJ!BP
M-N4V7OW?:E(GEYO+"^^HVB18PJ]WTZ:OV8\W/9\T1P?S-'WETM_#6T_[/8Z-
M;8'[FG^(7^E`S;N_>3_#1^BJ'#7RL'W?%T?QFN[^M+ZAS?[[\)_AQZ8DO:;[
MLG]K\PA0'K??=A[H_P!R5/V@ZTO;#[_V_P#;I^>-CU[]U:SZ!B/^Z-WWDVU'
M]["_L4=&?NX/_HMR_9#YH''07WFI_P"('_7$K$'ZT?P_ZM<\>8\OI,&`/8\L
M9M.AD,E-^5INK^ZD^0["8*&(O>64(RWFQB?7!:36(B`E'M`0_-KJ[M!>&['L
M#17BL(31T5O6XD<E*`)$_-'$??.S5&H/$Q=K"R,U1679MN8XA*BD2'D./9#N
M;!NWG%F#L>6[9EBV="Q",="Q[=Z\*S1-(2;H&Y#NG$D]$A5WBRCDYAJ<1IP#
MNUS%U-K&^:JOCUWN54XZMQY2TC,0$()P`'"0CKYHW0>G=&:>9L=EI&FN[80E
M2BD$K7E$R2<2281IZT6T6Q$,7L=R=BP+"U[FM>328WLK#MDFC2<A)!8$VKMV
MU1*1,9-O+K)T7&I^0*:*OPB[G71C5#VA[FKWNVUJ?4S*)R'@1CR(Y0&7C4V>
MLSNEV=P[.V*:\T2P%I2`D+!,RK#F.,;9CG,\GFCHW93?3[DSJ;M"P[BLMZJ<
MH`8S6!E(]G%&.;F$3J':)!4W?2NL3?\`2;>C/%7;[4A`13/W!#R`.6<*)`Z)
M1F+#KG[=>#6Z7%;BA74EN6PX3Q]0H$_+&A]&F^8_&>T#<-D26`1C;*G;AN-Z
M0H\IC-HIHJZ5`!#B'!/6P>+JSNZDW0LMII#]>^TRV.TJE+Y8P'@PO*--[3:A
MOE09L404X?\`E:4KYH)OTZ\#I[Y]VF3,S9E(>X+5MR6<W;,LW2@BVGIN4DEV
M\%'+$$#@9BQ;M43'2XE.%0$*#J0M^=6L[-[86O26F5K8JWT!ES+^4$@J5RXY
MI3B(?#?HM>^N\-TUUJ8*?H*=9>0%>R0I9"4XGB)<(=??!EJ(PA+<+;D*$"5L
M#)*!!BW]S@R!/P@:`Q\,6X(>'P$O+2G=KG6Y<*[WL5:JI\5:C/,5'CQ_XQCJ
MZ;)9E49H11LFB2F64H3+T'E#3OJ2X(4V1;M+#S3A@XVM!72Y0O.$9QQ@21@9
M>)?H(S\>@1,"`G'27FE#$3"@$+0`"FND>P&K6MYMM*_;K62^]JJ=M24+5Q(*
M3EQZ00,8Y2>([2E1L/O!;=Q-(9&K75.)<0A/_D!]<$8"1F90Y'^TA$_9!^U!
MX0>0_P#4_P`?>6_Y_N[G\#DK];S7"F@,^PER_F#_`"\D>_\`?_=Y\_;E.?T<
M8Z,?S$H?Y5?S.D,OPWWF7+-EX2^E\D&F5*0"`(CPI2O-R@`>DPCPIK0PM:`E
M+>.8Q*10A:R\N4@(CY/F+NJ!&;G<M,]J&&9LK[#^$)N0-?4VU2$C.\<B)H"S
M7:(K<XA(P4,D8O(-`*5TF8>T-&#L=MTY:J8ZM=]2Z5`RA)PDUQF>TP.6YNKF
M:]X62D/U#:R9CCFX8&$R[?Z6.X:Y.G5</4):Q2Y;1AKX38L[1$AC3,EC-JR4
M:S-_$;@7Q0"/NGD9IH4J=`PJ@:@4U)#FYMAI]7_9!]P$+:(*N07,>K/IC56M
M&73X!\9;3ZX5A]&7'T09'H/=1HVQ[=7&6GD.YE8S;QG%XQM>]4G`'7C("Y5J
M-;=O!8I3`9HW8F,9%80*;F\<!'LUKF\^WR-3Z<^)4(S55(,R)<5#F!Z9QE=M
M-0&P7GW*JD*>IP6>$L<"<<3,RPQE$EVS>M7S5L\9JD<-'B"+ILX2'F26;N$B
MK(K)G`1`Q%$S@(#H%AWWO!IZD26.'D@I&W$/([QHYDRC,(A2@!0`-^/UZ]<Q
M4DSY&4>:U%223QF!$<-\S1]Y=+?PUM/^SV.C8V!^YI_B%_I0,V[OWD_PT?HJ
MAPU\K!]WQ='\9KN_K2^H<W^^_"?X<>F)+VF^[)_:_,(4!ZWWW8>Z/]R5/V@Z
MTO;#[_V_]NGYXV/7OW5K/H&(_P`Z.(E#J2;3A$W'XN$`+W_J4..C2W<=>.@J
MYA"FPG(,#QY0.6@E$:C9^K"AWXQ\JO1\\2L(\%*\>`FI00&O$>T*\*:YV!W)
MF29>B"]*SE(/##AQB\#\>PWY/Y=-+PD<!YX\Q*?XT,^,VNV#'K.13F4,0D>C
MN/LE1TJ?BFF1)\!A,81X`!1[==-=*4]0[X2BRR)U:;.3(=BHX\:J?9HO&>:A
MXRIVM1I<)^DML^D0\!**:A2F`0,40`Z9@[!*<`,00$.%!*(:YEN!:62D?WAP
M^7G'84K8>4%JQ(D1Y0(2YZP\[$QFQ/*,:_<@W=W$O`QL0B8*"Z=-YV.?+I%J
M-0$K5L<]?0&I[\,=OJ[KN]:RVGZMHE2NP`X]D##XP*VGHMF*]-0L"H?=;2V.
MGUDDCR`3A.S:5!O8KHV[EI1VB9%K/-KQ<1QCCQ5192[1N=0I1[`$YPIZ=3WN
MM64-7XO+4BC5F;144P5VY%0.FT-%6T?@PU"[4((+C52I$^8*TXQK?3HAI&X^
MFIO7@X8JAY63B;Z:L")!_.J+'B5^4A`#C500I^'5SX@:UFW>(73U7584;3C*
MR>I2T^B46'AJMS]R\-VL*.C&:M?I76P.<ULD>B-XZ"-PPS0N=+,56(6XB&AI
M7RO#Q%6/FUF2ABF$0$QDG29N8*<`"NL3XVJ-\JLUPI@3;LQ,^4R$GT1DO`'>
M&&3?;,^0+BD(6$GB9$@RZ9$"'(O,0I!$0$.(5IQ,(C0.&@9<:<<(*"`9S\D=
M)BZEA.<B8D#ATF&V_7QN*(5=X,M9-0AYT65P20-RT%0C3S[1L4AQK4HK*&`0
M"G'1V>"YNH;>O%T0DII^[",QX3D21\D<UO\`]!+FPXNQV5M055**EJ2.(!P'
MG)@[/PU,_P#QS]P^2-[W^S3XODJ#XO+Y3Q^6E*\_A<::B3XS;O\`<Q\1S?Z#
MXU/-RXRGYXG3X+5_[/\`X5W9]]^SOL\^'X(X-U[NI9&;&]KBU@V7<[-CG_.Z
M3NUK.9MWK="5MVVE$13N2[#\ROC,%&C-P'E#F*`**%,`=FH]VGT*YK*^!#^5
M%K9&968R)ZL>,3]K;4+UFL9]T255B\.!,@>SM$NV&'_3TV?7EU#-V5DX-MUT
MG(M9F9+=65[E<.^<L=9;>0"1NIX\<%.*@R$VW!RB@:H5<'"E>S19ZOU50:+L
M+CR5HSMM]TVA)F292!,#UIG3=7J*](2ZAQ`*LRB<.!F9'I&!Z8E2H?!.,[>P
MFQV^1MLQJ6+&=AIXW"W#LVIF2MNDA0A#>80\($572R!?$.IR\QEO;^MQT`:;
MD_4W==Y6M?OA>[P&9XS\\H+=NWT[5O%M0!W"6\@'5*7GYQ%X]5#8I<73TW8W
MEBZ30*UQY/NU+OPU-^()6S^U'CCQV;!NX.<H#(6Z(II+``B)#B&C_P!O=:46
MK-*)-6\VFO;3D*3@)C`S!X]1@3M66*KLE]4.Z66"<P*>@XC'KGCT0[X^7-ZH
M\3N>PPSV@97NQ)_G["<*J2VWCY^@N^O[&;`"$8O$%A.9:1EH!/F!Z;VN5,Z=
M:!30M;P:+8T]?OBE"4&@<,_5/!1X^0Q-FV^J7KE3"WUB5BK2F8F"!(<L>C&'
M/`%.-`$2T*/KK3UB(ZB%80I)R\3C$F/36L9)9.<1OOS-;MHCU,)9-=R@BH.-
M+5,4BJR:9A*#!@',!3&*:G'MT9NPKC5/I%1J7VT-]^H@'`XGM@:]V*>H7?R\
M&UJ;[M(F`>("H<-_*MKIK]/6ZCHJI*E#--WE`Z9RJ$$0>+A2I1$*AJ(-^WF'
M=;A;"PMON!B(DG:MIQO3I;4E25YYR5V0H'UP%`2Z86Z8ZQB)IDLDXF.<P$*7
MVQ$1,8P@`!K3=M"E.N[:YF"4>\)F3T1GM=$_91\*25+4F1`ZXC!<39AN["UZ
MVKE'&-XFM*_+24*]MVY8QRS!_%NC)E`R[;QP72`X@`?6*(<-'K=FK->:1ZVW
M$LNTKF!,\988<8%*FJ+G:ZX5-`AQ#B%3Q!/K`G'E"C@]<WJ=B83?;/R'4W$:
M.[;#\@1```?1PUH*=L-M0)>[L$=HC85ZWUPMPN!YX*/0DR@#US>IX`"(;T,B
M5IP_IEN=O=_VC2.V&VI!`IF)RZ1"&M]<@@]^_P`?R3!S]N60\Y[JYJP[]D+M
M<Y"W`7I(IS2<[)OF24O-W%'G(JU$%&Z:*7G#&-[`%)Q'NT1UD>T;H[:A-!?'
M`S95TIIW$@YE)0<)B7/'C'/;<&WZNU!OS4U5D86Y?#4IJ!@0%+1C+^B'1N(>
MMMB.W[4C[0W%VC=]CY0M9!.!N9LRC%9`CF5B_P"A+KBP22\['\Y40,(*\35J
M'`0T$^H?"WJBXU*KMH*HI:O3U2HK965@$!6(2H3Y0;^EO&=I.@MXM6XM%6T&
MH:63;H#94E10`,PD,)RX<83WW8;H,I]4[)=G8/V_V/,CCZ#FP721%5-859!V
M8S=:X[I?MB>6AHYM%JG%--QRCST*`B8>,[;8:!T[X=;+4ZSU]7,'5):(2AM0
M4D)RSR`<U%7,=D#_`+N[I:C\46HJ+1N@**H&G&Z@$K6DHX^KF5.6&7IA:K/.
M&HC;YTP<H8JC?!$ELX=<)RBZ=`1=3*KJ+/+/"&J`<KAYS&"O&@Z$K2NJW=9;
M^6[4Y)#E7<@4!1P"!,)!Z))@SM<:(:V_\,EVTK0#,JGM2@KGF6HHSREQQ&$%
M/Z$247*[?,M,E/`?L75]2#1T@;D60426(*2J*P!S%$I@-0:]VI6\9]4A>X-"
MY1*S/,4;1FDXYDF<1%X%*(G;RZ,5S93WU0`L*$DD9)8`]I@A.4\:9YZ5F[*1
MS19-NOYW#\U.2*K)XR`ZL-(6M+*BY<P=Q+D`S>)>M5%E?`,L8I0$0&@ZEVT7
MO1OB1VVI=*W:J12ZNIFQZJO5]=*<H5CB4F0X<X@2]:1U[X6-VW=866G76:->
M<40L>M-IPS*5`<%)GAA*%,#]=;:N2T$Y<T!>871Y0J@VJ#,`;^;\,!,W"XA1
M]UBW!3AXGU>74`_[0]UA<C39Z+W+O)!T/)RA$Y3E/C+&4$\?')M/\*-0VU7*
MN:4B;'<JF5D<C*4@><)DV)BS/'5BW3(YDNBWI&VL.1LS&!(2L@"Q(>/M.'4!
M5O!VNL)2(3$D^!),7!VYC$Y@&H:(2_Z@T=X:MME:4M=2W5ZOJ`2L(Q]=0*9S
M&(2)P,MCT5KWQ2;NC6E^IW*32*%)""J8`;000`#S,L8=B_`]O?!?P#[L;_"W
MP_\`#?NKPR^7]U>4\KY;P^SD\/NUSH^(U/Q#XM,^]][WD^>;-FCJQ\'HO@WP
M'(GW#N.YERRY<O9PCP+MPSBB_P!\UDK]Q;CN^)!F@+9K(7A9ELW,_:MQ`0\!
ML\G(Q^X01H(U*0P%]6FTM?<Z`$4-2ZU/CE4I,_S2(NG[=0U/]^A*_I`'T@Q2
MT\,8GL.2<RMBXLQW8\@Z;$:.9"T+*M>VI!TV34%4C99["1C%RJW(H/,!#&$M
M>[2K*^X5K815ONN@&<EJ4K](F&T]!1TKOO%.TA#TI3"4C#R`1TXI3`%!XAZZ
M5IZ!U9J2%24!)47RR#(CC..?7KB;&>15F#J_<<6%?#B*342C5KPL^W+G69)+
M&*=9%FK.1KY1HFJ8H"8$Q*!A#CJ]IZZMHD%-&\ZV"<<JE)G^:1%D_14M4^%U
M+:%I`YI!](,>=:V#<,V/-)W%9.(,8V=/H(+M6\[:]A6G;TNBU=E*5VV2DH>)
M9ODV[HA`!1,%`(H``!@&FF/7&YUP+5>\ZXSRS+4K](F&M6ZBI5=[2-MH>Z0E
M(]`$=0*4X_6*``(C6@_EU;(GE(.'1V1>Y&Y3_&^>.873A'#]\ROOV]L2XRO"
M:%(&YI>Z+#M2X94Z!!`$T32,Q$O'HI%`H4+S\H4U<IN-TI&.ZH7W4#H"U)'F
M!`BS>H*2K,ZMIM?:E)](,;+:EAV=848:'L.S[6LJ)47.Y4B;4@(BVXX[E01%
M1R=E"M&34RYQ&IC"7F-WCKR=J*JJJ>_K'%N'+*:B5'SDDRBZIV*:F1W;*$H1
MU``>881ZMPVY!77$.X*Y82'N*%D"`D_AY^,93$4\2[R.HZ00<LW)?T5"&+JB
M'7F7$NL*4EQ)P()!\XD1"<;:>3W;R0IOH(F/ECD9=L6W$H<OV><'#3A[.*+`
M`*4H%`^'^&L@J]7P^S65`_Q'/UHL%6NU@^K2LD?01^"*_9CVX?Y>,'_X46!_
M=[3?C-]_?:C_`#'/UHI\,MO[HQ^8C]6*?9CVX?Y>,'_X46!_=[2^,W[]]J/\
MQS]:%\,MO[HQ^8C]6-BA<)XEMATQ>6QB['=N.HT_/'N8.RK9BEF!^Y1B=C&(
M&:*%[C$$HAKU?OEZK*55)6U=0ZTKB%.+(\Q,8ZGTKIRDN*;NQ04R;D,.\#:`
MK'CZP$XT?(>TW;QE=\I*Y!Q%9EQ2JJAE%9%6);,GZYS``&5=O(XK5=TH8`XB
MH8XZS5DW$USIAD4MCN-2U2@8("_5'6`9R\DHP=]VJV[U'5*K;S::.HJUF:E*
M0`3VRE/RX]<=`L'$6.L6L0CL=V-:UGM@1(V-[BAHY@Y60)02D=OD&Y'CR@A7
M^<.;6%NVH+_J&H557ZK>J5JG@M1(GV3D/)&>L>D],Z;9[BP4%-1I`XMH2#YP
M)R\L;I*P[&;8.8J7C6,I&O41;NX^0:MWC)RD(@(I.6CDBC==$1+42F*(5`.&
ML6TX_2+0[1*+;[9FE:3)23U$8CR1EZFD8N%&JDN#:7:=8DM"@"E0ZP<#'D6Q
M8]K6:V79VK;%NVPT=*F7<M;=AXZ&;N%C\3*K(QS9LFHJ(]IC`(ZNZRXW&XO"
MHN#[KSR1(%:E*,NU1)BRMU@LMGIS2VBF:IF'#-:6TI2)]@`CT9VW(>Y(Y>*G
MH:*G(QP6B\9,,6TDQ<4#AXC5XFLW,/K$NK:EJJ^BJ/>J)Y3-1^4@E)EVB4>]
M=:K;=:<4-S9;?HOR5I"AVX@P6H-C6U'WN,\."[$"346\RHH6-+Y?Q:\W!@8?
M(`3F'ZH)@7U4UO+>Z6XS=+[F+Q5]QT9SZ>,1PK8S:85AKF[)1IJ2J>8(D9]/
M1!EH*VX2V(MM"VY#Q<#$M0Y6\9#L6D8P0`:5\)HR210(8:<1`O'6D5=157&L
M-=<'G'J@\2M142>TDQ)5);J"W4J:"W,ML4:1[*`$CS"4>_ZM>47DL)<HL#GK
MQ[/P:45B_2A10U:>SVU]7Y]*%`"M./;I0HKI0H&E"@:4*!I0H&E"@:4*!I0H
>&E"@:4*!I0H&E"@:4*!I0H&E"@:4*!I0H&E"C__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
