Letter to XTL Biopharmaceuticals Ltd, dated 15 May 2003

Re: Holding in XTL Biopharmaceuticals Ltd.

"This letter serves to confirm that as at the close of business on the 14th May
2003, Pershing Keen Nominees Limited Designation: SHCLT are the registered
owners of 12,600,000 ordinary shares in XTL Biopharmaceuticals Ltd."

Letter from Pershing Limited

19 May, 2003



END