<SEC-DOCUMENT>0001144204-12-022163.txt : 20120417
<SEC-HEADER>0001144204-12-022163.hdr.sgml : 20120417
<ACCEPTANCE-DATETIME>20120417124017
ACCESSION NUMBER:		0001144204-12-022163
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120417
FILED AS OF DATE:		20120417
DATE AS OF CHANGE:		20120417

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:		12763117

	BUSINESS ADDRESS:	
		STREET 1:		XTL BIOPHARMACEUTICALS LTD
		STREET 2:		C/O ALSTON & BIRD LLP, 90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		972 9 955 7080

	MAIL ADDRESS:	
		STREET 1:		85 MEDINAT HAYEHUDIM ST.
		STREET 2:		PITUACH, PO BOX 4033
		CITY:			HERZLIYA
		STATE:			L3
		ZIP:			46140
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v309684_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of April, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: <B>000-51310</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>85 Medinat Hayehudim St., Herzliya<BR>
Pituach, PO Box 4033,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herzliya 46140, Israel</B></P>



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

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&#9;<U> &nbsp;&nbsp;&nbsp;X&nbsp;&nbsp; </U>&#9;Form 40-F&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&#9;No&#9;
&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82-<U> N/A </U>&#9;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Incorporation by Reference: This Form
6-K of XTL Biopharmaceuticals Ltd. dated April 17, 2012 is hereby incorporated by reference into the registration statements on
Form F-3 (File No. 333-141529, File No. 333-147024 and File No. 333-153055) filed by XTL Biopharmaceuticals Ltd. with the Securities
and Exchange Commission on March 23, 2007 , October 30, 2007 and August 15, 2008, respectively, and the registration statements
on Form S-8 (File No. 333-148085, File No. 333-148754 and File No. 333-154795) filed by XTL Biopharmaceuticals Ltd. with the Securities
and Exchange Commission on December 14, 2007, January 18, 2008, and October 28, 2008, respectively.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XTL Biopharmaceuticals (the &quot;Company&quot;)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Attached
hereto is an English translation (from Hebrew) of a notice for convening an Extraordinary General Meeting, as submitted on the
Tel Aviv Stock Exchange (TASE).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">In order
to vote, ADR holders should contact BNY Mellon Depositary Receipts at telephone number (212) 815-8223.</FONT></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 15, 2012</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; padding-right: 0; padding-left: 0; text-align: justify">To</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-right: 0; padding-left: 0; text-align: justify">To</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">The Israel Securities Authority Ltd.</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">The Tel-Aviv Securities Stock Exchange Ltd.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font-weight: bold; text-decoration: underline">Through the Magna</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font-weight: bold; text-decoration: underline">Through the Magna</TD></TR>
</TABLE>


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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-right: 1in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><B>Immediate report on a substantial private placement
and on convening an extraordinary general meeting of the Company's shareholders in accordance with the Israeli Securities Regulations
(Periodic and Immediate Reports), 1970, the Israeli Securities Regulations (Private Offering of Securities in a Listed Company),
2000 and the Companies Law, 1999</B></TD>
</TR></TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is pleased to present an immediate
report on a substantial private placement to Dr. Ben-Zion Weiner, a Company director, and to Mr. David Grossman, a Company director
and the Company's Chief Executive Officer, as well as the convening of an extraordinary general meeting of the Company's shareholders
to be held on May 22, 2012, in accordance with the Israeli Securities Regulations (Periodic and Immediate Reports), 1970, the Israeli
Securities Regulations (Private Offering of Securities in a Listed Company), 2000 and in accordance with the Israeli Companies
Law, 1999, all as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>APPROVAL OF A SUBSTANTIAL PRIVATE PLACEMENT TO THE DIRECTORS DR. BEN-ZION WEINER AND MR. DAVID
GROSSMAN</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>General</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On April 12, 2012, the Company's
Board, after accepting the recommendation of the compensation committee and obtaining the approval of the Company's audit committee,
and subject to the approval of the meeting of the Company's shareholders, decided to allocate, at no consideration, to Dr. Ben-Zion
Weiner 4,408,000 unregistered options and allocate, at no consideration, to Mr. David Grossman 1,500,000 unregistered options for
purchasing Ordinary shares of Company of NIS&nbsp;0.1 par value each, under the terms specified herein. The vote for each of the
allocations will be done individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>The offerees</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On April 12, 2012, Dr. Ben-Zion
Weiner was appointed as director of the Company. Mr. David Grossman has been serving as director of the Company and as the Company's
Chief Executive Officer since February 11, 2009. Ben-Zion Weiner and Mr. David Grossman shall be collectively referred to hereinafter
as &quot;<B>the offerees.</B>&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #003574">XTL Biopharmaceuticals
Ltd.</FONT><FONT STYLE="color: blue"> </FONT><FONT STYLE="color: #008FD8">85 Medinat Hayehudim St., Herzliya Pituach 46766, Israel
</FONT><FONT STYLE="color: #003574">Tel:</FONT><FONT STYLE="color: #00CCFF"> </FONT><FONT STYLE="color: #008FD8">+972-9-955-7080</FONT><FONT STYLE="color: #00CCFF">
</FONT><FONT STYLE="color: #003574">Fax:</FONT><FONT STYLE="color: #00CCFF"> </FONT><FONT STYLE="color: #008FD8">+972-9-951-9727</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>The terms, number and consideration of the offered securities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The allocation will be effected
according to the option plan adopted by the Company on August&nbsp;29, 2011 (&quot;<B>the Plan</B>&quot;) and is subject to the
terms detailed below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.1</TD><TD STYLE="text-align: justify"><U>Allocation to Dr. Ben-Zion Weiner</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.1.1</TD><TD STYLE="text-align: justify">The Company will allocate to Dr. Ben-Zion Weiner, at no consideration, 4,408,000 unregistered options
to purchase 4,408,000 Ordinary shares of the Company of NIS&nbsp;0.1 par value each (&quot;<B>the exercise shares</B>&quot;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.1.2</TD><TD STYLE="text-align: justify">As of the date of this report, Dr. Ben-Zion Weiner holds 570,434 shares of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.1.3</TD><TD STYLE="text-align: justify">Assuming exercise of the entire options, the shares deriving from the exercise of the options to
be allocated to Dr. Ben-Zion Weiner will constitute approximately 1.96% of the issued and outstanding share capital of the Company
and approximately 1.75% on a fully diluted basis. Assuming full exercise of the options, together with his existing interests in
the Company, Dr. Ben-Zion Weiner will hold approximately 2.21% of the Company's issued and outstanding share capital of the Company
and approximately 1.98% on a fully diluted basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.2</TD><TD STYLE="text-align: justify"><U>Allocation to Mr. David Grossman</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.2.1</TD><TD STYLE="text-align: justify">The Company will allocate to Mr. David Grossman, at no consideration, 1,500,000 unregistered options
to purchase 1,500,000 Ordinary shares of the Company of NIS&nbsp;0.1 par value each (&quot;<B>the exercise shares</B>&quot;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.2.2</TD><TD STYLE="text-align: justify">As of the date of this report, Mr. David Grossman holds 1,610,000 unregistered options that are
exercisable into shares of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.2.3</TD><TD STYLE="text-align: justify">Assuming exercise of the entire options, the shares deriving from the exercise of the options to
be allocated to Mr. David Grossman will constitute approximately 0.68% of the issued and outstanding share capital and approximately
0.59% on a fully diluted basis. Assuming full exercise of the options, including the options underlying this immediate report,
together with his existing interests in the Company, Mr. David Grossman will hold about 1.39% of the Company's issued and outstanding
share capital and about 1.23% on a fully diluted basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD STYLE="text-align: justify">The exercise price of the options allocated to the offerees is NIS&nbsp;0.90 per option, unlinked,
reflecting the average share price in the three trading days preceding the Board's resolution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD STYLE="text-align: justify">The offerees will be entitled to receive the options and to exercise them over a maximal period
of 120 months from the date of their allocation, subject to the conditions stipulated in this report, over a vesting period of
36 months such that 1/12 of the options granted to them will vest at the end of each consecutive calendar quarter following the
grant date and at the end of 36 months, all options will be exercisable by the offerees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD STYLE="text-align: justify">The allocation will be effected according to section 102 to the Israeli Income Tax Ordinance (New
Version), 1961 (&quot;<B>the Ordinance</B>&quot;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD STYLE="text-align: justify">Pursuant to the guidelines of the Tel-Aviv Stock Exchange (&quot;<B>TASE</B>&quot;), due to the
transition to the T+1 clearing mode for unregistered convertible securities and shares, the options will not be converted on the
record date for distributing bonus shares, making offers by way of rights, distributing dividends, capital consolidation, capital
split or capital reduction (each of the above - &quot;<B>corporate event</B>&quot;). Furthermore, if the Ex-Date of a corporate
event occurs prior to the record date of a corporate event, no conversion will take place on said Ex-Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.7</TD><TD STYLE="text-align: justify">Shares deriving from the options will confer the right to receive invitations, to participate and
to vote at the Company's meetings. All Company shares, including shares deriving from the options, have equal rights in relation
to the capital amounts paid or credited as paid on their par value with respect to dividends and any other distributions and participation
in the distribution of the Company's surplus assets upon liquidation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.8</TD><TD STYLE="text-align: justify">Based on the Company's approved option plan, the exercise price and number of options allocated
to the offerees that have yet to be exercised will be adjusted under the following circumstances:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.8.1</TD><TD STYLE="text-align: justify">The number and class of shares that may be purchased in the exercise of the options that have been
granted according to the option plan and that have yet to be allocated or in respect of which the options have yet to be granted
or have been recovered to the Plan due to cancellation or expiration or the option exercise price will be adjusted in proportion
to the increase or decrease in the number of allocated shares arising from a share split (including bonus shares), consolidation,
swap, reclassification or combination of all of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt"></TD><TD STYLE="text-align: justify">Any such adjustment will be subject to the Board's resolution or the resolution of a committee
appointed by the Board which will be final and binding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt"></TD><TD STYLE="text-align: justify">In any event, any exercise price adjustment will not allow the exercise price to drop below the
share par value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt"></TD><TD STYLE="text-align: justify">No adjustments will be made in the event of issuance of securities by way of rights to the Company's
shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt"></TD><TD STYLE="text-align: justify">The number of shares or exercise price will not be adjusted in the event of distribution of a cash
dividend or dividend in kind.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.8.2</TD><TD STYLE="text-align: justify">In any event of merger or consolidation in which the Company is not the &quot;surviving&quot; company
(&quot;<B>acquisition event</B>&quot;), the options will be swapped or deemed as granted by the surviving company and the following
provisions will apply: (i) the option vesting period will not be modified, except 25% of the options that have not yet vested on
the acquisition event date which will vest immediately; (ii) if the optionee's service term is concluded before a year has elapsed
from the acquisition event date, another 25% of the options that have not yet vested on the acquisition event date which will vest
immediately.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.8.3</TD><TD STYLE="text-align: justify">In the event of the Company's liquidation, the Company's Board or a committee appointed by it will
inform the option holders by way of a 15-day advance notice at the least. During this period, the option holders will be entitled
to exercise their entire options that have not yet vested. Any options that are not exercised during this time will expire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">3.8.4</TD><TD STYLE="text-align: justify">In any event of a transaction offered by the Company, whether by purchasing the Company's shares
or otherwise, which leads to a change in control of the Company, the option holders will be able to exercise their entire options
over a period of six months from the date of the transaction and/or from the date of meeting the prerequisites underlying the transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">3.9</TD><TD STYLE="text-align: justify">The exercise shares will be registered in the name of the registration company through which the
Company's shares were registered at that time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>The economic value of the offered securities</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><U>Allocation to Dr. Ben-Zion
Weiner</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">According to the Black &amp;
Scholes formula, the economic value of all the options granted to Dr.<U> </U>Ben-Zion Weiner as of the date of the Company's Board's
resolution was approximately NIS&nbsp;3,166,659 and NIS&nbsp;0.718389 per option. The assumptions that formed the basis for calculating
the economic value of the options are as follows: share price of NIS&nbsp;0.883, exercise price of NIS&nbsp;0.900, life of the
options of 10 years, annual standard deviation of 79.322%, capitalization coefficient of 2.5% based on the TASE's guidelines, security
parameters update of April 11, 2012 and dividend yield of 0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><U>Allocation to Mr. David Grossman</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">According to the Black &amp;
Scholes formula, the economic value of all the options granted to Mr. David Grossman as of the date of the Company's Board's resolution
was approximately NIS&nbsp;1,077,584 and NIS&nbsp;0.718389 per option. The assumptions that formed the basis for calculating the
economic value of the options are as follows: share price of NIS&nbsp;0.883, exercise price of NIS&nbsp;0.900, life of the options
of 10 years, annual standard deviation of 79.322%, capitalization coefficient of 2.5% based on the TASE's guidelines, security
parameters update of April 11, 2012 and dividend yield of 0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>The issued share capital in the Company and the holdings of interested parties and the public</B></TD></TR></TABLE>

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

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





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Before the substantial private placement under this report</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Immediately after the substantial private placement under this report</TD></TR>
<TR>
    <TD STYLE="width: 19%; vertical-align: bottom; text-align: left; font-weight: bold">Name</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Number of shares</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Unregistered options</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unregistered warrants</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>(series A)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unregistered warrants</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>(series B)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Warrants (series 2)</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">% in equity and voting</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% in equity and voting (fully </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>diluted) <SUP>1</SUP></B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">% in equity and voting</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% in equity and voting (fully </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>diluted) <SUP>2</SUP></B></P></TD></TR>
<TR>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Alexander Rabinovitch <SUP>3</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">43,132,361</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">573,750</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">19.57%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">17.75%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">19.57%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">17.34%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">David Bassa</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">21,705,987</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">9.85%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8.82%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">9.85%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8.61%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Shalom Manova</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">17,175,573</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7.79%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6.98%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7.79%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6.81%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Amit Yonay <SUP>4</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">150,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Marc Allouche <SUP>5</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">150,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Dafna Cohen <SUP>6</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">150,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Jaron Diament <SUP>7</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">150,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.06%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Ronen Twito <SUP>8</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,110,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.27%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.23%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Moshe Mittelman <SUP>9</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">5,590,896</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">640,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2.54%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2.53%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2.54%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2.47%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 7.1pt; text-align: left; font-weight: bold; text-indent: -7.1pt">Total interested parties and officers</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">87,604,817</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">4,350,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">573,750</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">39.75%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">37.59%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">39.75%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">36.70%</TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Assuming that all warrants (series 2), (series A) and (series B) and unregistered options, as they
are prior to the substantial private placement that is the subject of this report, are exercised into Ordinary shares of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">Assuming that all warrants (series 2), (series A) and (series B) and unregistered options are exercised
into Ordinary shares of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">23,574,902 Ordinary shares of the Company and warrants (series 2) are held by Green Forest Holdings
Ltd. a company that, to the best of the Company's knowledge, is jointly and equally owned by Mr. and Mrs. Alexander and Sagit Rabinovitch.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">The Chairman of the Company's Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">A director in the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">An external director in the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">An external director in the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify">The Company's CFO.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify">Medical Director in the Company.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Before the substantial private placement under this report</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Immediately after the substantial private placement under this report</TD></TR>
<TR>
    <TD STYLE="width: 19%; vertical-align: bottom; text-align: left; font-weight: bold">Name</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Number of shares</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Unregistered options</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unregistered warrants</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(series A)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unregistered warrants</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(series B)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Warrants (series 2)</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">% in equity and voting</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% in equity and voting (fully </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>diluted) <SUP>10</SUP></B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">% in equity and voting</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>% in equity and voting (fully </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>diluted) <SUP>11</SUP></B></P></TD></TR>
<TR>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">The public <SUP>12</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">132,211,661</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">380,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">3,853,454</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">1,926,727</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">13,088,750</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">59.99%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">61.53%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">59.99%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">60.09%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left; font-weight: bold">Total</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">219,816,478</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">4,730,000</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">3,853,454</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">1,926,727</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">13,662,500</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">99.74%</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">99.12%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">99.74%</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">96.79%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left; font-weight: bold">Offerees</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">David Grossman <SUP>13</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,110,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.65%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1.23%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Dr. Ben-Zion Weiner <SUP>14</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">570,434</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">4,408,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right">0.26%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right">0.23%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right">0.26%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right">1.98%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; font-weight: bold">Total offerees</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">570,434</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">7,518,000</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">-</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; text-align: right; font-weight: bold">0.26%</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">0.88%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">0.26%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right; font-weight: bold">3.21%</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold">Total</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">220,386,912</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">12,248,000</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">3,853,454</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">1,926,727</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">13,662,500</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp; 100%</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp; 100%</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp; 100%</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; text-align: right; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp; 100%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify">Assuming that all warrants (series 2), (series A) and (series B) and unregistered options, as they
are prior to the substantial private placement that is the subject of this report, are exercised into Ordinary shares of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify">Assuming that all warrants (series 2), (series A) and (series B) and unregistered options are exercised
into Ordinary shares of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify">The public - as defined in the TASE guidelines.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: justify">A director in the Company and the Company's CEO. It should be noted that Mr. David Grossman already
holds 1,610,000 unregistered options prior to the substantial private placement that is the subject of this report in the context
of which he will be allocated another 1,500,000 unregistered options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT></TD><TD STYLE="text-align: justify">A private individual who is an Israeli resident. It should be noted that Dr. Ben-Zion Weiner holds
570,434 Ordinary shares of the Company of NIS&nbsp;0.1 par value each prior to the substantial private placement that is the subject
of this report in the context of which he will be allocated 4,408,000 unregistered options.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left">&nbsp;&nbsp;</P><!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<BR>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left">&nbsp;&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>The consideration and the way the consideration is determined</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">The
consideration for the options and the exercise price are as detailed in section 3 above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The grant of options to Dr.
Ben-Zion Weiner is intended to promote the benefit of the Company and its objectives by granting an incentive to Dr. Ben-Zion Weiner
for joining the Company's Board and for his expected contribution to the advancement of the Company's R&amp;D activity in view
of his skills and contacts in the pharmaceutical development area and his consent not to receive any monetary consideration in
excess of said options in respect of his service as director and member of the Company's Board committees. The grant of options
to Mr. David Grossman is intended to promote the benefit of the Company and its objectives by granting an incentive to Mr. David
Grossman for meeting all of the Company's strategic objectives as determined by the Board, including introducing new technologies
into the Company, raising capital in public and private offerings and recruiting renowned technological experts into the Company's
Board. The consideration was determined based on the recommendation of the compensation committee and by the Company's audit committee
and Board and it adheres to the Company's previous policy regarding the exercise price of options issued to directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Approvals required for effecting the allocation according to the offering</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The allocation to the offerees
according to the offering is subject to the approval of the general meeting of the Company's shareholders and its convention according
to this report, and the approval of TASE for listing the exercise shares deriving from the options for trade. The Company intends
to apply for these approvals, as above, near the date of holding the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Agreements regarding rights to the Company's securities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">To the best of the Company's
knowledge, as of the date of the publication of this immediate report, neither the offerees nor the holders of the Company's securities
have any agreements, whether written or oral, regarding the purchase and/or sale of the Company's securities and/or regarding the
voting rights in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Furthermore, to the best of
the Company's knowledge, there is neither a substantial shareholder nor officer who has a personal interest in the substantial
private placement other than the offerees themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Impediment or restrictions on carrying out transactions with the securities being offered</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">According to the provisions
of section 102 to the Ordinance and the regulations issued thereunder, the above options and the shares deriving from the exercise
of the options and all rights conferred by virtue thereof, including bonus shares, will be deposited in escrow for the offerees
for a period of 24 months from the date of placement in escrow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">A restriction applies to the
options and the shares deriving from their exercise according to section 15c to the Israeli Securities Law, 1968 and the Israeli
Securities Regulations (Details with regard to Sections 15a to 15c to the Law), 2000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>The date of allocation of the securities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Subject to the receipt of the
approvals stated in section 7 above, the Company will effect the allocation of options shortly after the above approvals are obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B.&#9;CONVENING AN EXTRAORDINARY GENERAL
MEETING</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.</TD><TD STYLE="text-align: justify">On May 22, 2012, at 10:30 am, an extraordinary shareholders' meeting will be held at the offices
of the Company's attorneys, Kantor &amp; Co., at 12 Abba Hillel Silver Road, Ramat-Gan, Israel, for discussing the following resolutions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">a.</TD><TD STYLE="text-align: justify"><I>Allocating options to Dr. Ben-Zion Weiner</I> - the proposed wording of the resolution: &quot;approving
the allocation of 4,408,000 unregistered options of the Company to Dr. Ben-Zion Weiner which will vest quarterly over a period
of 36 months for an exercise price of NIS&nbsp;0.90, in accordance with the Company's option plan&quot;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">b.</TD><TD STYLE="text-align: justify"><I>Allocating options to Mr. David Grossman</I> - the proposed wording of the resolution: &quot;approving
the allocation of 1,500,000 unregistered options of the Company to Mr. David Grossman which will vest quarterly over a period of
36 months for an exercise price of NIS&nbsp;0.90, in accordance with the Company's option plan&quot;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.</TD><TD STYLE="text-align: justify">The required majority in the extraordinary general meeting (or in a postponed extraordinary meeting,
if any) for approving the resolutions specified in paragraph 1(a) and 1(b) above is a simple majority of the total votes of participating
shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.</TD><TD STYLE="text-align: justify">In the extraordinary general meeting, a legal quorum will constitute the presence of at least two
(2) shareholders, by themselves or their representatives, holding together at least 33% of the total voting rights in the Company.
If at the elapse of half an hour from the meeting's scheduled time the legal quorum is not found, the meeting will be postponed
by one week for the same day, at the same time and venue as scheduled for the original meeting, or for a different date and/or
venue as determined by the Board in a notice to the shareholders. The postponed meeting will discuss the same agenda as planned
for the original meeting. If a legal quorum is not found in the postponed meeting at the elapse of half an hour from the meeting's
scheduled time, the two shareholders that are present, by themselves or their representatives, will constitute a legal quorum and
the meeting will be entitled to discuss the issues on the agenda.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">4.</TD><TD STYLE="text-align: justify">The date for establishing the shareholders' entitlement to vote in the general meeting, as stated
in section 182(c) to the Israeli Companies Law, is Sunday, April 22, 2012 (&quot;<B>the record date</B>&quot;). According to the
Israeli Companies Regulations (Proof of Share Ownership for Voting in the General Meeting), 2000, a shareholder that has a share
registered in its name at a member of the Stock Exchange whereby that share is included in the shares registered in the Company's
Registrar, and is interested in voting in the general meeting, must produce to the Company the Stock Exchange member's proof of
the shareholder's ownership over the share on the record date, as required by said regulations.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">5.</TD><TD STYLE="text-align: justify">The Company's shareholders are entitled to participate and vote in the meeting by themselves or
through a legally certified agent. The document certifying the agent to vote (&quot;<B>the letter of appointment</B>&quot;) and
a power of attorney by virtue of which the letter of appointment was signed (if any) will be deposited with the Company's attorneys
at least 48 hours before the meeting begins.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">6.</TD><TD STYLE="text-align: justify">The Israeli Securities Authority's distribution site (&quot;<B>the magna</B>&quot;) and website
address of the TASE where the formats of proxy statements and position statements can be found as they are defined in section 88
to the Israeli Companies Law are: www.magna.isa.gov.il and www.tase.co.il, respectively. Voting as per the proxy statement will
be done on the second part of the proxy statement as published in the magna. A shareholder may contact the Company directly and
receive the formats of the proxy statement and position statements (if any). A Stock Exchange member will e-mail a link to the
formats of the proxy statement and position statements on the magna, at no charge, to any shareholder that is not registered at
the shareholders' registrar and whose shares are registered at that Stock Exchange member, if the shareholder so requests, provided
that the notice is given with respect to a specific securities account and prior to the record date. A shareholder whose shares
are registered at a Stock Exchange member is entitled to receive the proof of ownership from the Stock Exchange member through
which it holds the shares at the Stock Exchange member's branch or via post office to the shareholder's address in return for delivery
fee only, if so requested. A request in this respect will be provided in advance for a specific securities account. The proxy statement
must be produced to the Company's attorneys to said address so that the proxy statement reaches the Company's attorneys' office
not less than 72 hours before the date of convening the meeting. The last date for producing position statements to the Company
is up to ten days after the record date (&quot;<B>the last date for delivering position statements</B>&quot;), namely Wednesday,
May 2, 2012 and the last date for producing the Board's response to the position statements is five days from the last date for
delivering position statements, namely Monday, May 7, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">7.</TD><TD STYLE="text-align: justify">One or more shareholders that hold shares at a rate representing five percent or more of the total
voting rights in the Company and anyone who holds such rate out of the total voting rights that are not held by the controlling
shareholder in the Company, as defined in section 286 to the Israeli Companies Law, may review the proxy statements as detailed
in Regulation 10 to the Israeli Companies Regulations (Proxy Statements and Position Statements), 2005.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">8.</TD><TD STYLE="text-align: justify">The documents pertaining to this report may be reviewed at the Company's offices at 85 Medinat
Hayehudim Street, Herzliya, during regular office hours and by making an appointment at +972-9-9557080.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">9.</TD><TD STYLE="text-align: justify">The Company's representatives for handling this report are Mr. Ronen Kantor, Adv. and/or Mr. Ron
Soulema, Adv. of Kantor &amp; Co. Law Offices at 12 Abba Hillel Silver Road, 8<SUP>th</SUP> Floor, Ramat-Gan, Tel: +972-3-6133371.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 311.85pt; text-align: center"><FONT STYLE="text-underline-style: none">Respectfully,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 304.8pt; text-align: center"><FONT STYLE="text-underline-style: none"><B>XTL
Biopharmaceuticals Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 304.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 304.8pt; text-align: center"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 304.8pt; text-align: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investor Relations, XTL Biopharmaceuticals
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +972 9 955 7080, Email: ir@xtlbio.com</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of the statements included in this
Form 6-K may be forward-looking statements that involve a number of risks and uncertainties. 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.</P>

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">XTL BIOPHARMACEUTICALS LTD.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; width: 53%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 41%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">Date: April 17, 2012</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">/s/ David Grossman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Name: David Grossman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Title: Chief Executive Officer</TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 304.8pt; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left"></P>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`>`!X``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!4`,4#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BL3Q9J.
MJ:1X>N-0TBTAN[BW'F-#+GYD'WL8[CK^%>/_`/"^M:_Z`]A_WV_^-;4Z$ZBO
M$RG6C!VD>A_$#XC6_@M(;:*W%WJ$Z[UB+;51>FYC_(5A^"?C"OB#6(M*U6RC
MM)ISM@EB8E&;^Z0>03V-<3X[MKOQI8Z?XRTRV>:)X!;WD,0+FWE0G/'7:<]:
MRO`/A?4+WQ%:ZE/!+:Z9I\@N;FZE4HJJGS8!/4G%=D</2]BW+?\`4YI5JGM-
M-CZ?HKPJ[^/.HB\F%GI%HUL'(B,C-N*YX)QWKL?#7CK7M8\(:MXBN],M+>WM
M87:V52W[YE!)SG^'M^?I7)+#5(J\D=$:\).R/1**\$_X7UK7_0'L/^^W_P`:
M/^%]:U_T![#_`+[?_&K^IUNQ/UFGW/>Z*\$_X7UK7_0'L/\`OM_\:/\`A?6M
M?]`>P_[[?_&CZG6[!]9I]SWNBO!/^%]:U_T![#_OM_\`&M;PQ\9-5UWQ-IVE
MS:791QW4PC9T9LJ#W&:3PE5*[0UB*;=DSV6B@=**YC<**R?$NK2Z)H-QJ$,:
M2/$5PKYP<L!V^M9W@WQ/<>)8+N2XMXH3"RJ!&2<Y!]:U5";INJEHC!XBFJJH
MM^\]3IZ***R-PHH/2O/]'\?WVI>(X=,DLK=(Y)60NI;(`S_A6U*A.JI./3<P
MK8FG1<8S?Q:(]`HHHK$W"BBB@`HHHH`0@$8/2OFCXI>#CX7\1&>UCQIM\3)#
M@<1M_$GX=1['VKZ8K"\7^&K?Q7X=N=,GPKL-T,A'^KD'0_T/L371AJWLIWZ&
M-:E[2-NIX?\`"#Q9_87B3^R[J3;8ZB0@)/"2_P`)_'I^5==\:_%_V6R3PU9R
M?OK@"2[(/W8^R_B>?H/>O%+VSN=+U":TN4:*YMY"CKW5@:6]O;S5M0DN[N5[
MB[G8;G/+,>@_I7IO#QE554X56DJ;@:?A'PU<^+/$5OID&51COGD`_P!7&.I_
MH/<BOJ"XT"U?PO+H%M_HUJUL;9"@R44C&?<US_PS\&+X3\/J]P@_M*[`DN#W
M0=D_#^>:[:O/Q5?VD_=V1V4*/)'7=GC_`/PH*P_Z#]U_WX7_`!KE_'GPNM?!
MWAY=3AU2>Y<SK%Y;Q!1R#SD?2OHBO-OC?_R(D?\`U^1_R:JHXFK*HDV*K1IJ
M#:1X#I-DNI:Q96+.46YG2$N!DJ&8#/ZU[/\`\*"L/^@_=?\`?A?\:\B\+_\`
M(VZ-_P!?T/\`Z&*^O:WQE:=.2478QPU.,T^9'S?\0OAM;>"M*M;R'4IKIIY_
M**R1A0/E)SQ]*P?AY_R4+0O^OI?Y&O5_CQ_R+&F?]?G_`+(U>4?#S_DH6A?]
M?2_R-:4IRGAVY/74BI%1K)+R/JX=**!THKQSTCF?B!_R)E]]4_\`0Q6%\*?^
M/+4_^NB?R-;OC_\`Y$R]^J?^ABO+]#U'5!;2Z-I(837TB[G0X;`!XSV'J:]C
M"TG5P4H+37_(\'&5E1S"$VK^[_F>T3ZUI=M+Y4^H6L<G]UI0"*M0W$-RF^":
M.5/[R,&'Z5YE'\*[MX=T^IPK*>2HC+#\\UA7-KK?@35XV67;NY5T),<H'4$?
MTK&."HU/=I5+R]#:688BE[]:E:/J>W'I6':^&_#]K?I=VUI"ERK%E=7)(/?C
M-6=!UF+7=(AOHAM+C#I_<8=17E/A<D_$*`9./M$O?V:LL/AYR51<W+RK7SW-
M\3BJ<72?*I<ST?;;4]IJ*>Y@M4WW$T<2?WI&"C]:QO%7B./PYI/G!0]S(=D*
M'H3ZGV%>::9HNM^.+R6[GN3Y2G#32YV@^BBE0PGM(.K.7+%=1XG'>SFJ5./-
M-]#UJ'7-*G?9%J5H[>@F7/\`.K_6O,+OX53QP%K344EE`X22/:#^.36?X9\5
MZAX<U3^S=5:1K4/Y;I(<M`?4>WM6KP4*D7+#SYFNFS,EF%2E-1Q,.5/K>Z/7
MZ*16#*&4Y!Y!'>BO./5%I'940LS!5`R23@`4M>4?&3QK_9NG?\([8RXN[M,W
M+*>8XCV^K?R^M73INI)11%2:A'F9Y;\1/$%IXD\8W=]8PHENH$2R*.9MO&\_
M7M[`5@Z3J,FD:O::C$B/);2K*JN,@X/0U;\,>'[CQ/XAM-*MN#*W[Q\?<0?>
M;\!^N*W/B3X,_P"$0\0!+96_LVY7?;LQS@C[RD^H//T->VG"-J/D>6U*5ZA]
M':#K5IX@T6UU2R;=#.F['=3W4^X/%:5?._P@\9_V%K7]C7LN-/OF`0L>(I>@
M/T/0_A7T17CUZ+I3Y>AZ5&HJD;A7FWQO_P"1$C_Z_(_Y-7I->;?&_P#Y$2/_
M`*_(_P"348?^+'U"M_#9X7X7_P"1MT;_`*_H?_0Q7U[7R%X7_P"1MT;_`*_H
M?_0Q7U[75F'Q(PP?PL\H^/'_`"+&F?\`7Y_[(U>4?#S_`)*%H7_7TO\`(UZO
M\>/^18TS_K\_]D:O*?AY_P`E"T+_`*^E_D:VP_\`NS^9E6_CKY'U:.E%`Z45
MY)Z)S/C_`/Y$R]^J?^ABN2^%EFLFI7UVP!:&-44^FXG/\JZWQ_\`\B9??5/_
M`$,5SGPIE0?VI%GYOW;?A\PKU:+:P$[=_P#(\3$)/,Z=^W^9Z37(_$:T2X\*
M2S$#?!(KJ?3G!_G775ROQ#G6'PC<*W65T1?KG/\`2N+"W]O"W='HXVWU:=^S
M,/X5W#&WU&V)^5720#TR"#_(5S?A;_DH<'_7Q+_)JZ/X50,(-2N"/E9D0'W`
M)/\`,5SGA;_DH<'_`%\2_P`FKV-/:XBW;]#P5?V.%OW_`%+?Q+NVF\2);Y^2
M"!0![MR?Z5Z9X>T]-,T"RM4`&V)2Q'=B,D_G7EWQ(MVB\5M(0<30HR_AP?Y5
MZOH]TE[H]G<1G*R0J1^5<>+TPM)+;]?ZN=V!UQM9RW_3^K%VO*_BC81PZG9W
MJ*`T\95\=RN,'\C7JE>8_%2Z1KG3K8'YT5Y"/0'`'\C6.6MK$QMY_D;YNHO"
M2OY?F=CX-N7N_".FRR'+>64)_P!TE?Z44SP/&T7@W35<8)1F_`L2/YT5S8BW
MM96[O\SLPK;H0OV7Y$_BGQ%:^%O#]SJEU@^6,1QYYD<_=4?YZ9KY0U/4KK6-
M3N-1O9/,N+AR[M]>P]ATKZUUGP[I'B!(DU:QBNTB)9%DSA2>_6LD?#;P:""/
M#]GD<_=/^-;X:O3HIW6I->C*H]'H<]\'O"/]B:!_:]U'B^U!0R@CE(NJC\>O
MY5TOCKPO%XL\,7%@0!<K^]MG/\,@Z?@>A^M=(JA5"J``!@`=J6N>563G[3J;
M*FE#DZ'QA+%+;7#PRJT<T3%64\%6!Y%?27PL\9?\)1X?%M=29U.Q`27)YD7^
M%_Z'W'O6W?>`_"VI7LMY>:):S7$S;I)&4Y8^IYJ;2O!WA[0[W[9IFE06MQM*
M>9'D'!ZCK757Q,*L+-:F%*A*G*]]#<KS;XW_`/(B1_\`7Y'_`":O2:H:OHNF
MZ]9BTU2TCNK<.'$<G3<.A_6N6E-0FI/H;U(\T7$^4?"__(VZ-_U_0_\`H8KZ
M]KF8/AYX2M;F*X@T*T2:)PZ.`<JP.0>M=-6N)KJJTTC.A2=--,\H^/'_`"+&
MF?\`7Y_[(U>$VEW<6%W%=6DSPW$3;HY$.&4^HKZ[UC0-*\001P:M917<4;;T
M60'`.,9K'_X5KX-_Z%ZS_(_XUM0Q4*=/DDC.KAY3GS)GSQ_PGOBW_H8M0_[_
M`!H_X3WQ;_T,6H?]_C7T/_PK7P;_`-"]9_D?\:/^%:^#?^A>L_R/^-7];H?R
M?D3]7J?S'@%EXN\1:I=I9W^LWES;2??BDDRIQR./K78Z!J%_H$ZZQ;Q%[8/Y
M,H_A;/.T^GL:]1B^'?A&"421:#:(XZ$`\?K6M;:#I=G:2VMO8PI;S',D>W*M
M]0:U684HTW!0T9QULMJU*RJ*=K+\3GHOB7H3PAI!<QOCE#'G]1Q7$^)/$5WX
MPU&"TL[:00JV(H1RSL?XC_GBN^F^'?AR64N+62//\*2L%_*M?2_#^EZ,#]@L
MXXF(P7ZL?Q/-9PKX6B^>E%N7GT'4PN-Q"]G6DE'K;=D/AG1%T'0X;/(,OWY6
M'=SU_P`/PKR[PM_R4.#_`*^)?Y-7M76LFW\,Z-:WJWD&GPQW*L6$@!R">I_6
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M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
144`%%%%`!1110`4444`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0$`>`!X``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!/`#@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBLN[\2
MZ#I]T]K>ZWIMM<)C?%-=(CKD9&03D<$'\::3>PFTMS4HK%N/%N@PZ/?ZG%JE
MG=6]C'YDWV:X1R.NU?O8W,1@`D9/%>*_\+Q\1?VY]J^RV?\`9_W?L.T_=W9S
MYG7?M^7/W>^VMJ>'J5+V6QG.M"%KGT)16+;^+=!FT>PU.75+.UM[Z/S(?M-P
MB$]-R_>QN4G!`)P>*FM/$N@ZA=):V6MZ;<W#YV10W2.[8&3@`Y/`)_"LN278
MOF7<U****DH*\F^,O@E;_3CXEL(46ZM5_P!,5$)::/@!N.Z#J2/NYR?E`KUF
MBM*51TY*2(J04X\K/D;PMKO]@:QYLL?FV%S&UK?P@9,MN^`ZCD$-@9!!'(';
M->A?\*;L?^0S_P`)#_Q3/V;[;YWD-Y_E?>QC&/\`5\[L9S_!7(_$7P>_@_Q*
M\,8SI]UNFM&"MA5R?W9)SEEX'4\%2<9Q67_PE6J?\(A_PC'F_P#$O^T_:/O-
MNZ?<ZXV;OFQC[W->Q).:4Z;M?^OO/,34&XU%L'BG7?[?UCS8H_*L+:-;6PA(
MP8K=,A%/));!R22>2>V*]@^#7@E;#3AXEOX4:ZNE_P!#5T(:&/D%N>[CH0/N
MXP?F(KS/X=>#W\8>)4AD&-/M=LUVQ5L,N1^[!&,,W(ZC@,1G&*^I:Y<954(^
MRB;X:GS/VD@HHHKS3O"BBF3316\$D\\B10QJ7>1V"JJ@9))/0`=Z`.#^,9TP
M?#^8ZBCO)YZ"S".5/G\X.<$8"[R0>"`0""01\UUUWQ%\8/XP\2O-&<:?:[H;
M10S89<G]X0<89N#T'`4'.,U2_P"$+UC_`(0K_A*]D/\`9OF;,>9^\QNV;\?W
M=_R]<YYQCFO:P\/8TTI/5GE5Y>TFW%;'N?P<.F'X?PG3D=)//<7@=RQ\_C)S
M@#!780!P`0"202>_KY:^'7C!_!_B5)I#G3[K;#=J6;"KD?O`!G++R>AX+`8S
MFOJ*&:*X@CG@D26&10Z2(P964C(((Z@CO7GXNDX5&^C.W#5%*%NP^BBBN4Z`
MKR;XR^-EL-./AJPF1KJZ7_3&1R&ACX(7CNXZ@G[N<CY@:]9KQ_4?@C>:OJ,]
M_?\`BY[BZG;=)(]AR3_W\X`'``X```KHPWLU/FJ/8QK\[C:"W/+?!7A:?Q?X
MEM]-C^6`?O;IPX4I""`Q&0?FY`'!Y(SQDU]2_P!D6/\`8?\`8WD?\2_[-]E\
MG>W^JV[=N<Y^[QG.:Q/`W@JU\$Z/)9Q3_:KB>0R37)B"%NRJ!R=H'8D\ECWQ
M7456)K^TG[NR)H4?9QUW9\F^-?"T_A#Q+<:;)\T!_>VKEPQ>$DA2<`?-P0>!
MR#CC!KUGX->-EO\`3AX:OYD6ZM5_T-G<EIH^25Y[H.@!^[C`^4FNQ\<^"K7Q
MMH\=G+/]EN()!)#<B(.5[,I'!VD=@1R%/;%</IWP1O-(U&"_L/%SV]U`VZ.1
M+#D'_OYR"."#P02#6[KTZU+EJ.S,51G3J7@KH]@HHHKSCN"BBB@`HHHH`***
(*`"BBB@#_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
