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XTL Biopharm Ltd (XTL)

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Tuesday 20 January, 2004

XTL Biopharm Ltd

XTLbio appoints Stockbroker and Financial Adviser

XTLbio appoints Stockbroker and Financial Adviser

Rehovot, 20 January 2004 - The Board of XTL Biopharmaceuticals Ltd ('XTLbio' or
the 'Company') is pleased to announce the appointment of Code Securities
Limited as the Company's stockbroker and financial adviser. The appointment is
effective immediately.


Dr. Martin Becker
President and CEO
Financial Dynamics
David Yates, Sarah MacLeod
+44 (0) 20 7831 3113

Code Securities Limited

Christopher Collins

+44 (0) 20 7024 2000

Notes to Editors

XTL Biopharmaceuticals Ltd. (XTLbio) is a biopharmaceutical company developing
drugs against hepatitis. XTLbio's HepeX™ product line - now in clinical trials
- has the potential to introduce revolutionary therapies for viral hepatitis,
including prevention of re-infection in transplanted livers, the Company's
primary focus, and a longer-term cocktail approach in treating chronic illness.
XTLbio believes its primary competitive advantage lies in its patented Trimera™
technology, which enables the development of fully human monoclonal antibodies
and models of human disease for pre-clinical drug validation. Established in
1993, XTLbio became a public company in 2000 with shares traded on the London
Stock Exchange under the symbol XTL.

Code Securities Limited ('Code') is a newly formed London-based investment
banking firm providing a full range of advisory, fundraising and stockbroking
services for companies and investors in the European life sciences and medtech
sectors. Code is an Appointed Representative of Altium Capital Limited. Altium
Capital Limited is authorised to perform regulated activities and is regulated
by the Financial Services Authority.