BPH ENERGY LTD — Capital/Financing Update 2010

Dec 20, 2010

Adjusted Use of Funds

Amount Raised 11,514,920 Amount in Prospectus 10,000,000 Percentage Raised 115.15%

Table per Prospectus

10M Raised Prorated 10M Raised Prorated 10M Raised Prorated Advent Investment 11,000,000 12,000,000

Underwrite IPO of biotech investee companies 2,000,000 2,300,000 Working Capital 447,814 515,654 447,814 515,654 447,814 515,654 13,447,814 14,815,654 447,814 515,654 447,814 515,654

Total Advent Investment Cash 12,000,000 Loan Conversion 2,400,000 14,400,000 Total Shares 11,520,000 Current BPH Holding 28,600,000 Add new shares 40,120,000 New BPH Percentage 27.42%