NOTIFICATION OF MAJOR INTERESTS IN SHARES

1)      Name of company                                                
                                                                       
        XTL Biopharmaceuticals Limited                                 
                                                                       
2)      Name of shareholder having a major interest                    
                                                                       
        Perpetual Income & Growth Investment Trust plc                 
                                                                       
3)      Please state whether notification indicates that it is in      
        respect of holding of the shareholder named in 2 above or in   
        respect of a non-beneficial interest or in the case of an      
        individual holder if it is a holding of that person's spouse or
        children under the age of 18                                   
                                                                       
        As 2 above                                                     
                                                                       
4)      Name of the registered holder(s) and, if more than one holder, 
        the number of shares held by each of them                      
                                                                       
        Vidacos Nominees Limited                                       
                                                                       
5)      Number of shares/amount of stock acquired                      
                                                                       
        187,500 ordinary shares                                        
                                                                       
6)      Percentage of issued class                                     
                                                                       
        0.167%                                                         
                                                                       
7)      Number of shares/amount of stock disposed                      
                                                                       
        N/A                                                            
                                                                       
8)      Percentage of issued class                                     
                                                                       
        N/A                                                            
                                                                       
9)      Class of security                                              
                                                                       
        Ordinary shares of IIs0.02 each                                
                                                                       
10)     Date of transaction                                            
                                                                       
        13 October 2003                                                
                                                                       
11)     Date company informed                                          
                                                                       
        14 October 2003                                                
                                                                       
12)     Total holding following this notification                      
                                                                       
        4,597,715 shares                                               
                                                                       
13)     Total percentage holding of issued class following this        
        notification                                                   
                                                                       
        4.10%                                                          
                                                                       
14)     Any additional information                                     
                                                                       
                                                                       
                                                                       
15)     Name of contact and telephone number for queries               
                                                                       
        Jonathan Burgin, Chief Financial Officer +972 (0) 894 05134    
                                                                       
16)     Name and signature of authorised company official responsible  
        for making this notification                                   
                                                                       
        Jonathan Burgin                                                
                                                                       
17)     Date of notification                                           
                                                                       
        15 October 2003                                                

 



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