Kitov Pharmaceuticals Holdings Ltd. Condensed Consolidated Interim Financial Statements As of

Kitov Pharmaceuticals

Condensed Consolidated

As of September 30, 2015

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated

Interim Financial Statements as of September 30, 2015

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated

Interim Statements of Financial Position (unaudited)

The accompanying notes are an integral part of these condensed

consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated Statements of Operations (unaudited)

* Retroactively adjusted to reflect the reverse stock split

that took place in November 2014.

The accompanying notes are an integral part of these condensed

consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated Interim Statements of Changes in Equity

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated

Interim Statements of Changes in Equity

The accompanying notes are an integral part of these condensed

consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated Interim Statements of Changes in Equity

The accompanying notes are an integral part of these condensed

consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Condensed Consolidated Interim Statements of Cash Flows (unaudited)

The accompanying notes are an integral part of these condensed

consolidated interim financial statements.

Kitov Pharmaceuticals Holdings Ltd.

Notes to the Condensed

Consolidated Interim Financial Statements as of September 30, 2015 (unaudited)

Pharmaceuticals Holdings Ltd. (hereinafter: "the Company") was incorporated in Israel in August, 1968 as a private company with limited shares. Since September, 1978 the company's shares have been

listed for trading on the Tel Aviv Stock Exchange. The Company's address is Azrieli Towers, the Round Tower, 132 Menachem

Begin Road, Tel Aviv. In October 2012, the Company disposed of all of its previous operations, and in July, 2013, the Company

acquired shares of Kitov Pharmaceuticals Ltd. (hereinafter: "Kitov") from its shareholders, in exchange for

the Company's shares (hereinafter: "the Acquisition").

The Company's shares

were listed on NASDAQ in November 2015.

The Company together with Kitov

are referred to, in these financial statements, as "the Group".

As of the date of the financial

statements, the Company is engaged through Kitov, in the development of combination drugs that treat

two clinical conditions simultaneously, pain deriving from osteoarthritis and hypertension.

Since incorporation through September 30, 2015, the Company

has incurred losses and negative cash flows from operations mainly attributable to its development efforts and has an accumulated

deficit of USD 12.7 million. The Company has financed its operations mainly through private and public financing rounds. Subsequent

to the balance sheet date the Company raised an additional USD 11.6 million net, which will allow the Company to complete its current

development plans. The Company currently has no revenues and may require additional funding for future plans.

adjustment was made to the financial statements as of December 31, 2014 that have been issued previously regarding the classification

of warrants which have been issued to the public in September 2014. These warrants were classified in equity rather than as a financial

liability as required since their exercise price was not considered fixed. These warrants are measured at fair value at each period

end with the resulting adjustment charged to finance expense. The total effect on the statement of operations for the year ended

December 31, 2014 was USD 246 thousand and derivative instruments of USD 78 thousand were added to current liabilities.

These financial statements incorporate the immaterial adjustment.

Note 2 - Basis of Preparation

These condensed consolidated

interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include

all of the information required for full annual financial statements. They should be read in conjunction with the financial statements

as at and for the year ended December 31, 2014 (hereinafter - "the annual financial statements").

Kitov Pharmaceuticals Holdings Ltd.

Notes to the Condensed

Consolidated Interim Financial Statements as of September 30, 2015 (unaudited)

Note 2 - Basis of Preparation (continued)

The preparation of financial

statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application

of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these

Note 3 - Significant Accounting Policies

The accounting policies applied

by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its annual

financial statements.

Note 4 -Share Capital and Share

In a public offering

on the NASDAQ that took place on November 20, 2015, the Company issued 3,158,900 American Depository Shares (ADS) that

represent 63,178,000 ordinary shares with no par value. As a result, as of the date of approval of these financial

statements, the Company's issued and outstanding share capital is 76,136,581 ordinary shares. As to details regarding

the public offering, see note 7B.

Kitov Pharmaceuticals Holdings Ltd.

Notes to the Condensed

Consolidated Interim Financial Statements as of September 30, 2015 (unaudited)

Note 4 -Share Capital and Share

Kitov Pharmaceuticals Holdings Ltd.

Notes to the Condensed