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Pluristem's CEO Letter To Shareholders

In the pulmonary area, we were able to improve lung function and reduce the pulmonary fibrosis that occurs in Interstitial Lung Disease (ILD). In the cardiac area, we have demonstrated that the cardiac function in diabetic animals with heart failure was improved by using our PLX cells.

Enhancing our IP position

During 2012 we have invested significant efforts in strengthening our IP position. We have filed several new patent families covering new indications, new devices and manufacturing processing. We were also granted several patents and filed new applications at the National Phase stage. As of December 2012, all of this activity has led to Pluristem fully owning 22 granted patents and 95 pending applications.

Insured financial soundness and inclusion into the Tel Aviv 75 and 100 indices

We are very proud to be included in the Tel Aviv 75 and Tel Aviv 100 indices. The TA-100 Index is one of the TASE's leading indices and is comprised of the shares of the 100 largest Israeli companies ranked by market capitalization. As a result, we now have exposure with more institutional, long-term investors who are now able to invest in our stock due to our inclusion in these indices. This is a good step in the right direction for our company as we look to bring in more institutional investors to become long-term shareholders of our stock. During 2012 we raised $34 million net in a secondary offering. With our strong cash position of approximately $65M with no debt, we are well positioned to support our research and development as well as our clinical programs with a goal of bringing PLX cells to the market for several indications.

Constructing new "state-of-the-art" manufacturing facility for our PLX Cells

We have recently initiated the final validation steps for our new Good Manufacturing Process (GMP) facility prior to taking possession. I am extremely proud of our team in meeting milestones for the completion of this state of the art facility. We have also been hard-at-work optimizing our manufacturing process, including the scale up and automation processes, to accommodate the potential future commercial production of our PLX cells. We have initiated the "integral runs" that incorporate all the scale up and automation processes into a seamless production line. These "integral runs" will enable us to move the production line into our new manufacturing facility effectively.

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