ONCOSIL MEDICAL LTD — Capital/Financing Update 2013

Oct 27, 2013

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ASX / Media Release

Placement capacity under ASX Listing Rule 7.1

SYDNEY, 28 Oct, 2013:

Oncosil Medical Limited ACN 113 824 141 ( ASX:OSL ) has received notification from the ASX on 3 October 2013, in the view of the ASX, that the Company has exceeded its capacity to issue equity securities without security holder approval under ASX Listing Rule 7.1 and the proposed ratification by Oncosil shareholders of the placement on 13 September 2013 (at the forthcoming 2013 AGM) will not refresh the Company's capacity under ASX Listing Rule 7.1.

While the Company does not accept the view expressed by the ASX, the Company has agreed to provide to the ASX an undertaking not to issue any equity securities without security holder approval until 21 May 2014, unless the issue comes within an exception in ASX Listing Rule 7.2.

The conduct which is the subject of the ASX notification was the Company’s failure to recognise that upon shareholders approving the change in nature and scale resolution in March 2013 (pursuant to ASX Listing Rule 11.1.2), the Company's ability to issue equity securities pursuant to ASX Listing Rule 7.1A expired on 28 March 2013 In the ASX view, as the capacity under ASX Listing Rule 7.1A was not available after 28 March 2013, the Company exceeded its capacity by the allotment of 24,198,927 equity securities in September 2013.

The Company has no current intention to raise any further capital prior to 21 May 2014 and accordingly it has determined it is expedient to comply with the ASX requested undertaking.

ENDS

Contact:

Dr Neil Frazer Chief Executive Officer and Managing Director neil.frazer@oncosil.com.au

T +61 2 9223 3344 Twitter: @Dr_Neil_Frazer

ONCOSIL MEDICAL LIMITED ABN 89 113 824 141 ASX | OSL Suite 1802, Level 18, 15 Castlereagh Street Sydney NSW 2000 AUSTRALIA TELEPHONE +61 2 9223 3344 FACSIMILE +61 2 9221 8535 WEB www.oncosil.com.au

About OncoSil Medical Ltd

OncoSil Medical Ltd (OncoSil Medical) is a clinical-stage Australian biotechnology company with the aim is to provide new technologies for safer medical radiation treatments. OncoSil Medical’s lead product is OncoSil™ with the first target indication being pancreatic cancer. OncoSil™ is a silicon and P32 (phosphorus) pure beta emitter with the potential to be used medically as a brachytherapy treatment. The OncoSil™ device delivers more concentrated and localised beta radiation compared to external beam radiation. OncoSil Medical has previously conducted four clinical trials with encouraging results on tolerability, safety and efficacy. There is also potential use for OncoSil™ in other solid tumours outside of pancreatic cancer. FDA and EMA approval for pancreatic cancer is the core focus of OncoSil Medical.

Pancreatic Cancer

Pancreatic cancer is typically diagnosed at a later stage, when there is a poor prognosis for long-term survival. The World Cancer Research Fund estimated that in 2010 280,000 people globally were diagnosed with pancreatic cancer including 43,140 Americans, 70,000 Europeans and 2,546 in Australia. The prognosis for patients diagnosed with pancreatic cancer, regardless of stage, is generally poor; the relative five-year survival rate for all stages combined is approximately 5%. The world-wide market for pancreatic drugs is projected by Global Industry Analysis to exceed US$1.2bn by 2015.

ONCOSIL MEDICAL LIMITED ABN 89 113 824 141 ASX | OSL Suite 1802, Level 18, 15 Castlereagh Street Sydney NSW 2000 AUSTRALIA TELEPHONE +61 2 9223 3344 FACSIMILE +61 2 9221 8535 WEB www.oncosil.com.au