Ann: Appendix 4E - Preliminary Final Report - June 2014, page-2

Cash $8.2m plus options holders exercising Listed ISNOB Options raising $794,481 , payables less recievables of around 1.4m leaves around $7.6m to play with before raising some cash , is it enough before they become cash flow positive. Current grant liability of USD$1,116,795 payable to the Office of the Chief Scientist in Israel (OCS) with a 3% royalty on sales. Liability increases via a LIBOR based interest indexation factor on outstanding amount until paid from royalty. 5% royalty on sales payable for grants received under the BIRD JV agreement was USD$367,622 , increases by CPI indexation factor until paid from royalty.