Kamada Ltd. — Capital/Financing Update 2014

Nov 12, 2014

Disclosure for debenture holders as of September 30, 2014

1. Summary of Financial Undertakings (according to repayment dates) as of September 30, 2014

Israeli Securities Law Regulations (Periodic and Immediate Reports) 38e

• a. Convertible debentures issued to the public by the Company and held by the public.

	Principalpayments	Grossinterestpayments(withoutdeductionof tax)	Total
	ILS
Firstyear	30,247,270	2,418,138	32,665,408
Secondyear	30,247,269	482,567	30,729,836
Total	60,494,539	2,900,705	63,395,244

b. Bank guarantees as of September 30, 2014, totaling US $2 83 thousand

2. Details with Regard to Company Debentures

Israeli Securities Law Regulations (Periodic and Immediate Reports) 10(b)13 and 48c(12)

Issue Date	Par valueatissuance(US Dollar)	Accumulatedinterest (USDollar)	Book value(US Dollar) asofSeptember30, 2014	MarketValue (USDollar) as ofSeptember30, 2014	Interest paymentdates	Principalpaymentschedule	Type ofinterest	Converted toanothersecurity
10/18/2009	27,063,599	87,306	15,896,714	16,863,058	Quarterly payments onthe outstanding debt, onDecember 1st, 2009 andon March 1st, June 1st,September 1standDecember 1stof each ofthe years 2010 to 2015.	Two equalinstallments: of40% each onDecember 1,2014 andDecember 1,2015.	Bears annualinterest at avariablerate, plusannualmargin of6.1% abovethe annualinterest ratefor IsraeliGovernmentDebentures(Series 817)for eachinterestperiod.	Yes

3. Details with Regard to the Trustee

MISHMERET TRUST COMPANY LTD, No. Corporate 51-377133-7, Address: 46-48 Menachem Begin, Tel Aviv, Israel Contact information: Rami Sebty, Vice President, Telephone No.: 972-3-6374355, Fax No.: 972-3-6374344, e-mail ramis@bdo.co.il

4. Conversion of convertible debentures

Security Details	Conversion ratio	Major Conversion Details
Ordinary shares of NIS 1 par value	From December 2nd, 2012 to November 15th, 2015,each NIS 37.12 par value debentures (Series C) maybe convertible into one ordinary share of NIS 1 parvalue of the company.	Debentures may be converted each trading day fromregistration of the Debentures until November 15th,2015 except during November 16thto December 1stof each of the years 2013 and 2014.

5. At the end of the reporting period and during such reporting period the Company has complied with all the conditions and obligations under the trust deed.