<SEC-DOCUMENT>0001144204-15-009713.txt : 20150218
<SEC-HEADER>0001144204-15-009713.hdr.sgml : 20150216
<ACCEPTANCE-DATETIME>20150217113025
ACCESSION NUMBER:		0001144204-15-009713
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150217
FILED AS OF DATE:		20150217
DATE AS OF CHANGE:		20150217

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:	001-36000
		FILM NUMBER:		15619458

	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>v401942_6-k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></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"><B>Form 6-K</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>of the Securities Exchange Act of 1934</B></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">For the month of February, 2015</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">Commission File Number: <B>000-51310</B></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"><B><U>XTL Biopharmaceuticals Ltd.&#9;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of registrant&rsquo;s name
into English)</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"><B>85 Medinat Hayehudim St., Herzliya </B><BR>
<B>Pituach, PO Box 4033,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>____________<U>Herzliya 4614001, Israel</U>____________</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: left">Form 20-F</TD>
    <TD STYLE="width: 25%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 25%; text-align: left">Form 40-F</TD>
    <TD STYLE="width: 25%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD></TR>
</TABLE>
<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: justify">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; text-align: justify">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; text-align: justify">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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: left">Yes</TD>
    <TD STYLE="width: 25%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left">No</TD>
    <TD STYLE="width: 25%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<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: justify">If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp; N/A&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Incorporation by Reference: This Form
6-K of XTL Biopharmaceuticals Ltd. dated February 17, 2015 is hereby incorporated by reference into 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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>XTL Biopharmaceuticals Ltd</U></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><I>(incorporated and registered in the
State of Israel under the Israeli Companies Law &ndash; 1999 with registered number 52-003947-0)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice is hereby given that an Extraordinary
General Meeting (the &ldquo;<B>Meeting</B>&rdquo;) of the shareholders of XTL Biopharmaceuticals Ltd. (the &ldquo;<B>Company</B>&rdquo;)
will be held at the Law Offices of the Company's attorneys, Kantor &amp; Co., at 12 Abba Hillel Silver Road, Ramat-Gan, Israel
at 11:00AM. (Israel Time), on Wednesday, March 25, 2015.</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 a Dual Listed Company, as
such term is defined in the Israeli Companies Regulations (Concession for Public Companies Traded on Stock Market Outside of Israel),
4760-2000.</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 Meeting is being called for the following
purposes:</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: 0"></TD><TD STYLE="width: 21.3pt">1.</TD><TD STYLE="text-align: justify"><B><U>External Directors Appointment</U></B> &ndash;To elect Mr. Oded Nagar and Mrs. Osnat Hillel
Fein to hold office as external directors in the Company, commencing on the date of the Meeting for a period of three (3) years,
until March 24, 2018.</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 22.5pt; text-align: justify"><B><U>Remuneration of External
Directors</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">The remuneration of each of
the external directors for their services to the Company as directors is proposed as follows (collectively, the &ldquo;<B>External
Director Remuneration</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 21.3pt"></TD><TD STYLE="width: 35.4pt">A.</TD><TD STYLE="text-align: justify"><U>Monetary Remuneration</U></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: 56.7pt"></TD><TD STYLE="width: 21.3pt">(i)</TD><TD STYLE="text-align: justify">Until the successful completion of an investment in the Company of an aggregate amount of US$ 4
Million (the &ldquo;<B>Qualified Fundraising</B>&rdquo;), the compensation of each of the proposed external directors shall be
equal to the minimum compensation set forth in the Companies Regulations (Rules Regarding Compensation and Expenses to External
Directors) &ndash; 2000 (the &ldquo;<B>Regulations</B>&rdquo;);</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: 56.7pt"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD STYLE="text-align: justify">Immediately following the completion of the Qualified Fundraising, the compensation of each of
the proposed external directors shall be as follows: (i) the fixed annual fee shall be US$ 10,000, at the prevailing exchange rate
to NIS on date of payment; (ii) the fixed amount for physical participation in a Board meeting or a Board Committee meeting shall
be NIS 1,460; (iii) the fixed amount for participation in a teleconference Board meeting or a Board Committee meeting shall be
NIS 744; and (iv) the fixed amount for a written resolution of the Board or a Board Committee shall be NIS 620.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid terms of monetary remuneration
shall also apply to all other directors of the Board of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 21.3pt"></TD><TD STYLE="width: 35.4pt">B.</TD><TD STYLE="text-align: justify"><U>Equity Remuneration</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Each of the proposed external
directors shall be granted 150,000 non-tradable stock options, without consideration, exercisable into 150,000 ordinary shares
of the Company, NIS 0.1 par value each (the &quot;<B>Options</B>&quot;). The exercise price of each of the Options is NIS 0.40
(non-linked), reflecting a price which is 2.4% lower than the average share price of the Company in the 30 days preceding the date
of the Board of Directors' resolution. The allotment of the Options will be made in accordance with Section 102 of the Israeli
Income Tax Ordinance (New Version) &ndash; 1961 (the &quot;<B>Ordinance</B>&quot;). The Options will be subject to a vesting period
and adjustments specified in the Company's option plan<B>, </B>as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; 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: 78pt"></TD><TD STYLE="width: 28.35pt">a.</TD><TD STYLE="text-align: justify">Each of the external directors will be entitled to receive the Options and exercise them within
a maximum period of 120 months from the date of allotment, subject to the terms and conditions contained herein, and based on a
vesting period of 36 months, so that 4/12 of the Options will vest following the first anniversary as of the engagement and the
remaining 8/12 shall vest on a quarterly basis (with 1/12 of the Options vesting on the last day of each three month period) (the
&quot;<B>Vesting Period</B>&quot;). Following the lapse of 36 months, all the Options may be exercised, subject to continued engagement
of each of the external directors during the Vesting Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; 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: 78pt"></TD><TD STYLE="width: 28.35pt">b.</TD><TD STYLE="text-align: justify">Pursuant to the Tel-Aviv Stock Exchange directives, due to the transition to clearing on day T+1
of unlisted shares and convertible securities, there will be no conversion of Options on the determining day for a distribution
of bonus shares, offering by way of rights, dividend distribution, capital consolidation, capital split or capital reduction (each
of the above will hereinafter be referred to as &quot;<B>Company Event</B>&quot;). Furthermore, should the X-date of the Company
Event fall before its determining day, no conversion will be made on that date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; 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: 78pt"></TD><TD STYLE="width: 28.35pt">c.</TD><TD STYLE="text-align: justify">Shares derived from the Options grant the right to receive invitations to attend Company meetings
and vote therein. All of the Company's shares, including those deriving from the Options, have equal rights among them, pro rata
to the amount of capital paid, or credited as paid, on their par value, with regard to dividends and any other distributions or
participation in the distribution of surplus Company assets upon dissolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; 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: 78pt"></TD><TD STYLE="width: 28.35pt">d.</TD><TD STYLE="text-align: justify">In accordance with the Company's approved option plan, the exercise price and number of unexercised
options allotted to the offerees, will be adjusted in the following cases:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; 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: 113.4pt"></TD><TD STYLE="width: 21.3pt">i.</TD><TD STYLE="text-align: justify">The number and class of shares that may be acquired with regard to the exercise of options granted
under the Option Plan will be proportionally adjusted to an increase or decrease in the number of allotted shares derived from
the split (including bonus shares), consolidation, exchange of shares, change of classes of shares or a combination of all of the
above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify">It should be noted that, in
each case, the exercise price shall be adjusted so as not to be below the share par value. No adjustments shall be made where securities
are issued by way of rights granted to the Company's shareholders. The number of shares or the exercise price will not be adjusted
where dividends are distributed in cash or deemed as distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify; text-indent: -27.3pt">&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: 113.4pt"></TD><TD STYLE="width: 21.3pt">ii.</TD><TD STYLE="text-align: justify">In any event of a merger or consolidation, in which the Company is not the &quot;surviving&quot;
company (&quot;<B>Acquisition Event</B>&quot;),the Options shall be replaced or considered as options granted by the surviving
company, in which case the following provisions shall apply: (1) the Options' Vesting Period will not change, apart from the fact
that 25% of the number of Options that have not yet vested on the date of the Acquisition Event, will immediately vest; (2) should
the offeree's tenure end before the lapse of one year from the date of the Acquisition Event, a further 25% of the Options that
have not yet vested on the date of the Acquisition Event, will immediately vest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; 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: 113.4pt"></TD><TD STYLE="width: 21.3pt">iii.</TD><TD STYLE="text-align: justify">In the event of the Company's dissolution, the Board of Directors or the Committee appointed by
it shall notify the option holders to that effect, by giving 15 days prior notice at least, during which period the option holders
may exercise all of the options in their possession whose Vesting Period has not yet lapsed. In the event of failure to exercise
their right during the said period, the options will expire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 113.4pt"></TD><TD STYLE="width: 21.3pt">iv.</TD><TD STYLE="text-align: justify">Where the Company receives an offer to effect a transaction, whether by way of acquiring the shares
of the Company or otherwise, the outcome of which will be a change in control, the option holders may exercise all of their options
within a period of 6 months commencing on the effective date the transaction and/or the date of fulfillment of the conditions precedent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"></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">Assuming that the full amount
of the Options is exercised, the total amount of shares derived from the exercise will constitute 0.13% of the issued and paid
up capital of the Company, and 0.12% on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The shares issued upon exercise
will be listed under the name of the registration company through which the Company's shares will be registered at the time of
exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Options and shares derived
from their exercise are subject to a 6 month &quot;blockage&quot; period, in accordance with the provisions of the U.S Securities
Act of 1933, as amended, and Rule 144 promulgated thereunder, and conditions specified therein. Company shares issued on account
of exercised Directors Options will bear legend as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&quot;THE SECURITIES REPRESENTED
BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON ________, HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE &quot;ACT&quot;), OR APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES (&quot;STATE ACTS&quot;) AND MAY NOT BE
SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER''</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">Set forth below is certain information
concerning the professional experience and qualifications of Mr. Oded Nagar:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Oded Nagar currently serves as
CEO and Owner of ABC &ndash; Advance Business Consulting Ltd and CEO of Galaxy Properties and Real Estate LTD. In addition to serving
as a board member on a number of TASE listed companies, including IDB Development LTD and Gamatronic Electronic Industries LTD,
Mr. Nagar was the CEO and Founder of Pretium Group LTD/Pretium Renewable Energy LTD, the VP Finance and Operations at Matrix IT
(Formula Group) and the CFO of Bashan Systems (Formula Group). Previously, Oded worked in the Department of the General Controller
at the Ministry of Finance in Israel, as an accountant at KPMG Israel and as an Economist at Bank Leumi. He earned an MBA in Finance
and Banking and Information Systems and a BA in Accounting and Economics from the Hebrew University of Jerusalem.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Mr. Nagar has attested to the Board
of Directors of the Company that he meets all the requirements in connection with election of external directors of publicly traded
companies under the Companies Law and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">Set forth below is certain information
concerning the professional experience and qualifications of Mrs. Osnat Hillel Fein:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Osnat Hillel Fein&nbsp;most recently
served as Founder, Director and Managing Partner of Newton Propulsion Technologies LTD. In addition to serving as a board member
on a number of TASE listed companies, including First ET View LTD, Priortech LTD, Aran R&amp;D (1982) LTD, LeumiStart Fund and
SDS LTD, Ms. Fein was the Business Development Manager at Giora Eiland Ltd., a representative of The Cheyne Capital Group in Israel,
CEO of InterVision, Co-manager of the Aran Medical Ventures hedge fund, Marketing Manager at Datasphere Ltd. and an independent
marketing consultant for TCB. She earned an Executive MBA and a BA in Humanities at Tel Aviv University and completed a one year
course in Management at the Tel Aviv campus of the College of Management.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Mrs. Fein has attested to the Board
of Directors of the Company that she meets all the requirements in connection with election of external directors of publicly traded
companies under the Companies Law and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">The Board of Directors of the
Company has reviewed the qualifications and expertise of both Mr. Nagar and Mrs. Fein and has determined that Mr. Nagar and Mrs.
Fein have the requisite &quot;accounting and financial expertise&quot; and the &quot;professional qualifications&quot; as determined
under the External Director Qualification Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">It is hereby clarified that
the resolution of the appointment and election of each external director, as well as the compensation and Options allocations,
shall be adopted separately in relation to each of Mr. Nagar and Mrs. Fein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><B><U>Compensation to Mr. Josh Levine, Company&rsquo;s CEO</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Due to an internal decision
in the Company to reduce cash expenses, Mr. Josh Levine, the Company&rsquo;s CEO, has agreed to waive approximately 10% of his
monthly compensation, equal to NIS 4,000 per month, until the later of: (i) the completion of the Qualified Financing; or (ii)
December 31, 2015. As partial compensation for such waiver, the Board of Directors of the Company, based on the recommendations
of the Compensation Committee of the Company, has resolved, subject to the approval of the General Meeting of the shareholders
of the Company, the following: (i) to grant to Mr. Levine a bonus in an amount equal to 0.5% of any funds raised by the Company
from any third party investor (who is not a shareholder of the Company), provided that such bonus grant shall not exceed US$ 36,000
(the &ldquo;<B>Bonus Grant</B>&rdquo;), it being clarified that the Bonus Grant shall not derogate from Mr. Levine&rsquo;s entitlement
to receive a bonus under his employment agreement in the Company, as approved on March 2014 by the shareholders of the Company;
and (ii) to allocate to Mr. Levine 100,000 non-tradable stock options, exercisable into 100,000 ordinary shares of the Company,
NIS 0.1 par value each (the options proposed to be granted to Mr. Levine under this section shall be referred to herein as the
&quot;<B>Levine Options</B>&quot;; the Bonus Grant and the Levine Options shall be jointly referred to as the &ldquo;<B>CEO Compensation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">The exercise
price of the Levine Options is NIS 0.40 each (non-linked), reflecting a price which is 2.4% lower than the average share price
of the Company in the 30 days preceding the date of the Board of Directors' resolution. The allotment of the Levine Options will
be made in accordance with Section 102 of the Israeli Income Tax Ordinance (New Version) &ndash; 1961 (the &quot;<B>Ordinance</B>&quot;).
The Options will be subject to a vesting period and adjustments specified in the Company's option plan<B>, </B>as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&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: 35.45pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">Mr. Levine will be entitled to receive the Options and exercise them within a maximum period of
120 months from the date of allotment, subject to the terms and conditions contained herein, and based on a vesting period of 36
months, so that 1/2 of the Levine Options will vest immediately following the date of their allotment, and the remaining 1/2 shall
vest on a quarterly basis (with 1/12 of the Levine Options vesting on the last day of each three month period) (the &quot;<B>Vesting
Period</B>&quot;). Following the lapse of 36 months, all the Levine Options may be exercised, subject to continued engagement of
Mr. Levine during the Vesting Period.</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&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: 35.45pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">Pursuant to the Tel-Aviv Stock Exchange directives, due to the transition to clearing on day T+1
of unlisted shares and convertible securities, there will be no conversion of Levine Options on the determining day for a distribution
of bonus shares, offering by way of rights, dividend distribution, capital consolidation, capital split or capital reduction (each
of the above will hereinafter be referred to as &quot;<B>Company Event</B>&quot;). Furthermore, should the X-date of the Company
Event fall before its determining day, no conversion will be made on that date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 35.45pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">Shares derived from the Levine Options grant the right to receive invitations to attend Company
meetings and vote therein. All of the Company's shares, including those deriving from the Levine Options, have equal rights among
them, pro rata to the amount of capital paid, or credited as paid, on their par value, with regard to dividends and any other distributions
or participation in the distribution of surplus Company assets upon dissolution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 35.45pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">In accordance with the Company's approved option plan, the exercise price and number of unexercised
options allotted to the offeree, will be adjusted in the following cases:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 56.7pt"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">The number and class of shares that may be acquired with regard to the exercise of options granted
under the Option Plan will be proportionally adjusted to an increase or decrease in the number of allotted shares derived from
the split (including bonus shares), consolidation, exchange of shares, change of classes of shares or a combination of all of the
above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">It should be noted that, in
each case, the exercise price shall be adjusted so as not to be below the share par value. No adjustments shall be made where securities
are issued by way of rights granted to the Company's shareholders. The number of shares or the exercise price will not be adjusted
where dividends are distributed in cash or deemed as distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; 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: 56.7pt"></TD><TD STYLE="width: 14.2pt">2.</TD><TD STYLE="text-align: justify">In any event of a merger or consolidation, in which the Company is not the &quot;surviving&quot;
company (&quot;<B>Acquisition Event</B>&quot;),the Levine Options shall be replaced or considered as options granted by the surviving
company, in which case the following provisions shall apply: (1) the Levine Options' Vesting Period will not change, apart from
the fact that 25% of the number of Levine Options that have not yet vested on the date of the Acquisition Event, will immediately
vest; (2) should the offeree's tenure end before the lapse of one year from the date of the Acquisition Event, a further 25% of
the Levine Options that have not yet vested on the date of the Acquisition Event, will immediately vest.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; 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: 56.7pt"></TD><TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">In the event of the Company's dissolution, the Board of Directors or the Committee appointed by
it shall notify the option holders to that effect, by giving 15 days prior notice at least, during which period the option holders
may exercise all of the options in their possession whose Vesting Period has not yet lapsed. In the event of failure to exercise
their right during the said period, the options will expire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 56.7pt"></TD><TD STYLE="width: 14.2pt">4.</TD><TD STYLE="text-align: justify">Where the Company receives an offer to effect a transaction, whether by way of acquiring the shares
of the Company or otherwise, the outcome of which will be a change in control, the option holders may exercise all of their options
within a period of 6 months commencing on the effective date the transaction and/or the date of fulfillment of the conditions precedent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">Assuming
that the full amount of the Levine Options is exercised, the total amount of shares derived from the exercise will constitute 0.04%
of the issued and paid up capital of the Company, and 0.04% on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">The shares
issued upon exercise will be listed under the name of the registration company through which the Company's shares will be registered
at the time of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">The Levine
Options and shares derived from their exercise are subject to a 6 month &quot;blockage&quot; period, in accordance with the provisions
of the U.S Securities Act of 1933, as amended, and Rule 144 promulgated thereunder, and conditions specified therein. Company shares
issued on account of exercised Directors Options will bear legend as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;THE SECURITIES REPRESENTED
BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON ________, HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE &quot;ACT&quot;), OR APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES (&quot;STATE ACTS&quot;) AND MAY NOT BE
SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER''</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, the Resolutions to be proposed
at the Meeting are as follows:</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><U>Resolution 1</U></B> &ndash; to elect
Mr. Oded Nagar to hold office as an external director of the Company, commencing on the date of the Meeting for a period of three
(3) years, until March 24, 2018 and to approve the grant to him by the Company of the External Director Remuneration;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Resolution 2</U></B> &ndash; to elect
Mrs. Osnat Hillel Fein to hold office as external director of the Company, commencing on the date of the Meeting for a period of
three (3) years, until March 24, 2018 and to approve the grant to him by the Company of the External Director Remuneration; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Resolution 3</U></B> &ndash; to approve
the grant to Mr. Josh Levine of the CEO Compensation as described above.</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">Each of the Resolutions 1, 2 and 3 above,
pursuant to the Companies Law, require the affirmative vote of simple majority of shares present at the Meeting in person or by
proxy and voting thereon, and as long as one of following conditions is met:</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: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The majority of shares that voted for the approval of the respective resolution includes at least
majority if the shares held by non-controlling and non-interested shareholders voted at the Meeting (excluding abstain votes);
or</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: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The total number of shares of non-controlling and non-interested shareholders that voted against
the approval if the respective resolution does not exceed two percent (2%) of the aggregate voting rights in the Company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the 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 present,
the meeting will be postponed by one week for the same day of the week, 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 &quot;<B>Deferred
Meeting</B>&quot;). The Deferred Meeting will discuss the same agenda as planned for the original meeting. If a legal quorum is
not present in the Deferred Meeting at the elapse of half an hour from the Deferred Meeting's scheduled time, any number of shareholders
present, by themselves or their representatives, will constitute a legal quorum and the meeting will be entitled to discuss the
issues on the agenda.</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">Shareholders of record at the close of
business on February 24, 2015, are entitled to notice of, and to vote at the Meeting. Shareholders can vote either by mailing in
their proxy or in person by attending the Meeting. If voting by mail, the proxy must be received by at the Company registered office
in Israel at least 72 hours prior to the appointed time of the Meeting to be validly included in the tally of ordinary shares voted
at the Meeting. If shareholders will attend the Meeting they may vote in person and in such case their proxy will not be used.</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">Shareholders who do not expect to attend
the Meetings in person are requested to mark, date, sign and mail the proxy as promptly as possible. Beneficial owners who hold
their shares through members of the Tel-Aviv Stock Exchange (&quot;<B>TASE</B>&quot;) may either vote their shares in person at
the Meeting by presenting a certificate signed by a member of the TASE which complies with the Israel Companies Regulations (Proof
of Ownership for Voting in General Meetings)-2000 as proof of ownership of the shares (the &quot;<B>Certificate</B>&quot;), or
send such Certificate along with a duly executed proxy to Kantor &amp; Co. - Law Offices at 12 Abba Hillel Rd., 8<SUP>th</SUP>
Floor, Ramat Gan, ISRAEL 5250606.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice of the Meeting and the Proxy
Form is available for the public at the Israel Securities Authority's site: www.magna.isa.gov.il and at the Company's office at
85 Medinat Hayehudim Street, Herzliya, Israel.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">XTL Biopharmaceuticals Ltd.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About XTL Biopharmaceuticals Ltd. (&quot;XTL&quot;)
</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">XTL Biopharmaceuticals Ltd., a biopharmaceutical
company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of unmet clinical
needs. XTL is focused on late stage clinical development of drugs for the treatment of lupus, multiple myeloma and schizophrenia.</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">XTL is a public company traded on the Nasdaq
Capital Market (NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTL). XTL shares are included in the following indices: Tel-Aviv
Biomed, Tel-Aviv MidCap, and Tel-Aviv Tech Index.</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">Investor Contacts:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone: 212-896-1249 / 212-896-1250</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: jgoldberger@kcsa.com / grussell@kcsa.com&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"><B>Cautionary Statement</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">Some of the statements included in this
press release 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"><B>&nbsp;</B></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><B>XTL BIOPHARMACEUTICALS LTD.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">Date: February 17, 2015</TD>
    <TD STYLE="text-align: justify; width: 3%">By:</TD>
    <TD STYLE="text-align: justify; width: 32%; border-bottom: Black 1pt solid">/s/ Josh Levine</TD>
    <TD STYLE="text-align: justify; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Josh Levine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Proxy Card &ndash; Part One</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Regulation 7 of the Israeli Companies Regulations
(written voting and position statements), 2005 (the&quot;<B>Regulations</B>&quot;).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Company Name </font></td>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt"><b>XTL Biopharmaceuticals Ltd. (the&ldquo;Company&rdquo;)</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Type of meeting</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">An Extraordinary General Meeting of Company shareholders (&quot;<b>Meeting</b>&quot;)</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Time and place of meeting:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-size: 10pt">At the Law Offices the Company's attorneys, Kantor &amp; Co., at 12 Abba Hillel Silver Road, Ramat-Gan, Israel, on Wednesday, March 25, 2015, at 11:00AM (Israel Standard Time)</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt; width: 25%"><font style="font-size: 10pt">Subjects on the agenda: </font></td>
    <TD STYLE="padding: 6pt 5.4pt; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">1.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify; width: 70%">To consider the election of Mr. Oded Nagar to hold office as an external director in the Company, commencing on the date of the
Meeting for a period of Three (3) years, until March 24, 2018, and to grant him with the monetary remuneration as set forth in
the notice of the Extraordinary General Meeting of the Company, including the allotment of 150,000 non-tradable stock options,
without consideration, exercisable into 150,000 ordinary shares of the Company, NIS 0.1 par value each.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">&nbsp;</td>
    <TD STYLE="padding: 6pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify">To consider the election of Mrs. Osnat Hillel Fein to hold office as an external director in the Company, commencing on the date
of the Meeting for a period of Three (3) years, until March 24, 2018, and to grant her with the monetary remuneration as set forth
in the notice of the Extraordinary General Meeting of the Company, including the allotment of 150,000 non-tradable stock options,
without consideration, exercisable into 150,000 ordinary shares of the Company, NIS 0.1 par value each.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">&nbsp;</td>
    <TD STYLE="padding: 6pt 5.4pt; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">3.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify">To consider, as compensation for his consent to waive a portion of his salary in order to assist the cash flow of the Company,
the grant to Mr. Josh Levine, Company&rsquo;s CEO, of a bonus equal to 0.5% of any funds raised by the Company from any third
party investors (who are not current shareholders of the Company), provided that such bonus grant shall not exceed US$ 36,000
and the allocation to him of 100,000 non-tradable stock options, exercisable into 100,000 ordinary shares of the Company, NIS
0.1 par value each.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">The version of each of the proposed resolutions:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify">To elect Mr. Oded Nagar, to hold office as an external director in the Company, commencing on the date of the Meeting for a period
of Three (3) years, until March 24, 2018, and to grant him with the monetary remuneration as set forth in the notice of the Extraordinary
General Meeting of the Company, including the allotment of 150,000 non-tradable stock options, without consideration, exercisable
into 150,000 ordinary shares of the Company, NIS 0.1 par value each..</TD></tr>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; border-top: Black 1pt solid; width: 25%">&nbsp;</td>
    <TD STYLE="border-top: Black 1pt solid; padding: 5.4pt; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">2.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5.4pt; border-top: Black 1pt solid; text-align: justify; width: 70%">To elect Mrs. Osnat Hillel Fein,to hold office as an external director in the Company, commencing on the date of the Meeting for
a period of Three (3) years, until March 24, 2018, and to grant her with the monetary remuneration as set forth in the notice
of the Extraordinary General Meeting of the Company, including the allotment of 150,000 non-tradable stock options, without consideration,
exercisable into 150,000 ordinary shares of the Company, NIS 0.1 par value each.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify">To approve, as compensation for his consent to waive a portion of his salary in order to assist the cash flow of the Company,
the grant of a bonus to Mr. Josh Levine, Company&rsquo;s CEO, and the&nbsp;&nbsp;grant to him of 100,000 non-tradable stock options,
exercisable into 100,000 ordinary shares of the Company, NIS 0.1 par value each.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt"><font style="font-size: 10pt">Location and time for reviewing the complete version of the proposed resolutions: </font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify"><font style="font-size: 10pt">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.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt"><font style="font-size: 10pt">The required majority to pass a resolution at the meetings for each of the subjects on the agenda: </font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the resolutions 1 to 3 above, pursuant
        to the Companies Law, require the affirmative vote of simple majority of shares present at the Meeting in person or by proxy and
        voting thereon, and as long as one of following conditions is met:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt">&nbsp;</td>
    <TD STYLE="padding: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">a.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5.4pt; text-align: justify">The majority of shares that voted for the approval of the respective resolution includes at least majority of the shares held
by non-controlling and non-interested shareholders voted at the Meeting (excluding abstain votes); or</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">b.&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify">The total number of shares of non-controlling and non-interested shareholders that voted against the approval if the respective
resolution does not exceed two percent (2%) of the aggregate voting rights in the Company.</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt"><font style="font-size: 10pt">Validity of the proxy card:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt; text-align: justify"><font style="font-size: 10pt">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 (the &quot;<b>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 72 hours before the Meeting begins.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt"><font style="font-size: 10pt">Address for submitting proxy cards and position statements:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Law Offices the Company's attorneys:</u></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">Kantor &amp; Co., at 12 Abba Hillel Silver Road, Ramat-Gan,
        Israel</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">or</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"><u>Company HQ:</u></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">85 Medinat Hayehudim St., Herzliya Pituach, Israel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt"><font style="font-size: 10pt">The last date for submitting position statements to the Company and the last date for submitting the Board of Directors' response to the Position statements:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last date for submitting position statements is March 9,
        2015.</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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last date for submitting the Board of Directors' response
        to the position statements is March 14, 2015.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; width: 25%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: justify; width: 5%"></TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: justify; width: 70%"></TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">The addresses of the distribution website and internet website of the TASE where the proxy cards and position statements are available</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify; border-top: Black 1pt solid"><font style="font-size: 10pt">A copy of the proxy card can be downloaded from the TASE website (www.tase.co.il) or from the distribution website (www.magna/isa.gov.il). Additionally, a shareholder is entitled to approach the Company directly (through Kantor &amp; Co. &ndash; Law Offices) and receive from him the proxy card form.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Receipt of a proof of ownership:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-size: 10pt">A shareholder is entitled to receive the proof of ownership at the branch of the member of Stock Exchange or by post, if so requested, whereas, such a request shall be given in advance to a specific securities account. </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Link to the proxy card form:</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-size: 10pt">A non-registered shareholder is entitled to receive free of charge by email a link to the proxy card form and position statements on the distribution website from the member of the stock exchange through whom his stock is held, unless he notified the Company and/or the Stock Exchange that he is not interested in receiving a link as aforementioned, and that he is interested in receiving the proxy card by post in return for payment; a shareholder's notice with regard to proxy cards shall apply also to the receipt of position statements. </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">Reviewing the proxy cards;</font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-size: 10pt">One or more shareholders holding shares at a rate that constitutes five percent or more of the total voting rights in the Company, and also anyone holding an aforementioned rate from the total voting rights that are not held by a controlling shareholder in the Company in accordance with its definition in Article 268 of the Israeli Companies Law, 1999, is entitled to review the proxy cards after the convening of the general meeting at the Company's registered offices during the regular working hours, after he has proven his right to do so, and has also stated the number of shares which constitute the aforementioned five percent.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt"><font style="font-size: 10pt">The vote: </font></td>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-size: 10pt">A shareholder shall state his vote regarding each of the subjects on the agenda on a form that constitutes the second part of the proxy card. The proxy cards shall be submitted to the Company offices no later than on Saturday, March 22, 2015 until 11:00AM (Israel Standard Time).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Proxy Card &ndash;Part Two</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Regulation 5(a) of the Israeli Companies
Regulations (voting in writing and position statements) 2005 (the <B>&quot;Regulations&quot;</B>)</P>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 44%; padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Company name</font></td>
    <TD STYLE="width: 56%; padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt"><b>XTL Biopharmaceuticals Ltd.</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Company address (for submitting and sending proxy cards)</font></td>
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">85 Medinat Hayehudim St., Herzliya Pituach, Israel 46766</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Company number</font></td>
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt"><b>520039470</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Date &amp; time of meeting</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 25, 2015</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">At 11:00AM Israel Standard Time</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Type of meeting</font></td>
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">An extraordinary general meeting of Company Shareholders</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">Record date:</font></td>
    <TD STYLE="padding: 5.4pt 5.4pt 6pt"><font style="font-size: 10pt">February 24, 2015 at the end of trading day</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 44%; padding: 5.4pt"><font style="font-size: 10pt">Details of the shareholder</font></td>
    <TD STYLE="width: 56%; padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Name of the shareholder</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">I.D. number</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Passport number (if does not have an Israeli I.D.) </font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Country issued</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Valid until</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Corporation Number (if the shareholder is a corporation)</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt"><font style="font-size: 10pt">Country of incorporation</font></td>
    <TD STYLE="padding: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The vote</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td>
    <TD STYLE="padding: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><font style="font-size: 10pt">Subject on the agenda</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">The Vote<sup>1</sup></font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Existence of personal interest</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">For </font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Against</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Abstain</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">Yes</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">No</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right">1.</td>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The election of Mr. Oded Nagar, to hold office as an external director in the Company, commencing on the date of the Meeting for a period of Three (3) years, until March 24, 2018, and to grant him with the monetary remuneration as set forth in the notice of the Extraordinary General Meeting of the Company, including the allotment of 150,000 non-tradable stock options, without consideration, exercisable into 150,000 ordinary shares of the Company, NIS 0.1 par value each.</font></td>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right">2.</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The election of Mrs. Osnat Hillel Fein, to hold office as an external director in the Company, commencing on the date of the Meeting for a period of Three (3) years, until March 24, 2018, and to grant her with the monetary remuneration as set forth in the notice of the Extraordinary General Meeting of the Company, including the allotment of 150,000 non-tradable stock options, without consideration, exercisable into 150,000 ordinary shares of the Company, NIS 0.1 par value each.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right">3.</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The grant, as compensation for his consent to waive a portion of his salary in order to assist the cash flow of the Company, to Mr. Josh Levine, Company&rsquo;s CEO, of a bonus equal to 0.5% of any funds raised by the Company from any non-current shareholder of the Company, provided that such bonus grant shall not exceed US$ 36,000 and the allocation to him of 100,000 non-tradable stock options, exercisable into 100,000 ordinary shares of the Company, NIS 0.1 par value each.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">Date</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">Signature</font></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"><SUP>1</SUP> No markings shall be considered abstention from
voting on that subject.</P>

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



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