----

----

| PRANA BIOTECHNOLOGY LIMITED |                                                               | UNIVERSITY OF ROCHESTER |        |
|-----------------------------|--------------------------------------------------------------------|-------------------------|-------------|
|                        |                                                               |                    |        |   |   |
| BY:                         |             |                    | BY:         |   |   |
| Name:                       | DIANNE ANGUS                                                       |                    |        | Cheryl K. Williams |   |
| Title:                      | CHIEF OPERATING OFFICER                                       |                    |        | Assistant Director |   |
|                        |                                                               |                    |        | Office of Research & Project Administration |   |
|                        |                                                               |                    |        |   |   |
| DATE:                  | February 20, 2012                                                  |                    | DATE:  |   |   |

----

----

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|                        |                     |                    |   |                                            |   |
|-----------------------------|--------------------------|-------------------------|--------|-------------------------------------------------|--------|
| PRANA BIOTECHNOLOGY LIMITED |                     | UNIVERSITY OF ROCHESTER |   |
|                        |                     |                    |   |                                            |   |
| BY:                         |                          |                    | BY:    |                                                 |   |
| Name:                       | DIANNE ANGUS             |                    |   | Cheryl K. Williams                              |   |
| Title:                      | CHIEF OPERATING OFFICER. |                    |   | Assistant Director                              |   |
|                        |                     |                    |   | Office of Research & Project Administration |   |
|                        |                     |                    |   |                                            |   |
| DATE:                       | 28th September 2012.     |                    | DATE:  | 10/3/2012                                       |   |

----

----

|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|--------|-------------------------|-----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|
|   | PROJECT TITLE:          |                                          | Reach2HD                                                                                                                   |                                                                                                                            |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   | Protocol Title:         |                                          | PBT2-203 Randomized, Double Blind, Placebo Controlled, Parallel Group, Multi-Center, Phase lia Study of two doses of PBT2. |                                                                                                                            |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   | Principal Investigator: |                                          | Kayson, URPrime Institution: URSubcontract to JHU, DorseySubcontracts to 20 Sites                                          |                                                                                                                            |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   | Timeline:               | Planning:Enrollment:Implementation:Close Out: | 6 Months9 Months6 Months4 Months                                                                                           | 01 October 2011 to 31 March 201231 March 2012 to 31 December 201201 January 2013 to 30 June 201301 July 2013 to 31 October 2013 |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   | # of Sites              |                                          | 20                                                                                                                         | Approx 15 USA; Approx 5 Aust                                                                                                    |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |
|   | # of Subjects           |                                          | 100 Randomized                                                                                                             |                                                                                                                            |   |
|   |                    |                                          |                                                                                                                       |                                                                                                                            |   |

|   | Planning Phase  01 October 2011 to 31 March 2012 |                                                               |                                                      |                                                            |   |
|--------|-----------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------------|--------|
|   |                                                            | Enrollment Phase  31 March 2012 to 31 December 2012 |                                                      |                                                            |   |
|   |                                                            |                                                               | LPI Phase  01 January 2013 to 30 June 2013 |                                                            |   |
|   |                                                            |                                                               |                                                      | Close Out Phase  01 July 2013 to 31 October 2013 |   |

|  Top Level Summary | Planning                            | Enrollment          | Implementation        | Close Out Phase       |                | Total  |                        |
|-------------------------|-------------------------------------|---------------------|-----------------------|-----------------------|---------------------|--------|-----------------------------|
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   | -            |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   | -            |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | CTCC Budget                         | 221,587   | 580,374     | 347,240     | 219,478   |   | 1,368,679    |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Other Budget                        | 20,000    | 40,000      | 70,000      | 30,000    |   | 160,000      |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Total UR Direct Costs               | 241,587   | 620,374     | 417,240     | 249,478   |   | 1,528,679    |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Contract/Consortium (Sites, JHU)    | 89,637    | 1,222,081   | 971,351     | 283,646   | #      | 2,566,715    |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Total Direct Costs                  | 331,224   | 1,842,456   | 1,383,590   | 533,123   | #      | 4,095,393    |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Facilities and Administrative Costs | 93,305    | 392,131     | 146,034     | 87,317    | #      | 718,787           |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    | Total Costs                         | 424,530   | 2,234,587   | 1,534,624   | 620,440   | #      | 4,814,181    |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |
|                    |                                |                |                  |                  |                |   |                        |   |

|   |                                                                                    |                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   | Pass Thru Costs Invoiced Directly to Sponsor outside of the payment schedule for Trial: |
|   |                                                                                    |
|   |                                                                                    | Source Document Worksheets printing and distribution -- to be a pass thru cost                                                          |
|   |                                                                                    | Operations Manual Printing and Distribution -- to be a pass thru cost                                                              |
|   |                                                                                    | Drug Instruction Card printing and distribution -- to be a pass thru cost                                                               |
|   |                                                                                    | Travel and Conference costs -- to be a pass thru cost (include Orientation Meeting)                                                |
|   |                                                                                    | IRB fees -- to be a pass thru cost                                                                                                      |
|   |                                                                                    | Site Audit Fees (applicable for a ‘not for cause’ audit) -- to be a pass thru cost                                          |
|   |                                                                                    | Site Pharmacy Start up fees as needed ($1,000 to $2,500 based upon actual needs at enrolling sites) -- to be a pass thru cost           |
|   |                                                                                    | Screen Failures to be paid based upon assessments completed per subject, to be paid at the end of enrollment -- as a pass thru cost     |
|   |                                                                                    | Subject Travel to attend study visits (above stipend for instances of hardship and pre-approved by sponsor) -- as a pass thru cost |
|   |                                                                                    | Unscheduled Visits for enrolled subjects to be invoiced to Sponsor as incurred                                                          |
|   |                                                                                    |                                                                                                                                    |
|   |                                                                                    | Subcontracts to MGH (Hersch and Rosas) and Melborne, Australia (Stout) to be held by Sponsor                                            |
|   |                                                                                    | Steering Committee and Safety Monitoring Committee Fees to be paid directly to committee members by Sponsor                             |
|   |                                                                                    | Monitoring visits to Australian sites to be the direct responsibility of Sponsor                                                        |
|   |                                                                                    | Central Laboratory analysis activities -- paid directly by Sponsor                                                                      |
|   |                                                                                    | Central ECG analysis activities -- paid directly by Sponsor                                                                             |
|   |                                                                                    | Copyright Fees -- paid directly by Sponsor                                                                                              |
|   |                                                                                    |                                                                                                                                    |
|   |                                                                                    | Any material changes to the SOW will necessitate a modification to the budget and a contract amendment.                                 |
|   |                                                                                    | Example of SOW changes include, but not limited to: Protocol Amendments, Adding Sites, Interim Analyses, Ancillary Studies.             |

----

|  JHU Subcontact                      |                     | Planning      |                      | Enrollment |                     | LPI    |                     | Close Out |   |
|-------------------------------------------|--------------------------|---------------|---------------------------|------------|--------------------------|--------|--------------------------|-----------|--------|
|                                      |                     |          |                      |       |                     |   |                     |      |
|  Employement Costs                   | 66,398    |          | 107,894    |       | 70,341    |   | 61,008    |      |
|  Consultant POs                      | -         |     | -          |       | -         |   | -         |      |
|  Computing Costs                     | -         |          | -          |       | -         |   | -         |      |
|  Equipment Purchases                 | -         |          | -          |       | -         |   | -         |      |
|  Travel Costs                        | -         |          | -          |       | -         |   | -         |      |
|  Operating Costs (T, P/C, P, O)      | -         |          | -          |       | -         |   | -         |      |
|  Other Costs                         |                     |          |                      |       |                     |   |                     |      |
|                                      |                     |          |                      |       |                     |   |                     |      |
|  Facilities and Administrative Costs |                     |          |                      |       |                     |   |                     |      |
|                                      |                     |          |                      |       |                     |   |                     |      |
|  Total Direct Costs                  | 66,398    |          | 107,894    |       | 70,341    |   | 61,008    |      |

|   |                                                       |                                                     |                                            |                                                  |
|--------|------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------|-------------------------------------------------------|
|   | Planning Phase  01 October 2011 to 31 March 2012 | Enrollment Phase  31 March 2012 to 31 December 2012 | LPI Phase  01 January 2013 to 30 June 2013 | Close Out Phase  01 July 2013 to 31 October 2013 |
|   | 6 months                                                   | 9 months                                                 | 6 months                                        | 4 months                                              |

|                                       |            |         |                   |          |                   |         |                   |         |                         |
|--------------------------------------------|-----------------|--------------|------------------------|---------------|------------------------|--------------|------------------------|--------------|------------------------------|
| EMPLOYMENT COSTS                           |            |         |                   |          |                   |         |                   |         |                         |
| % of Effort Data                           |            | Planning     |                   | Enrollment    |                   | LPI          |                   | Close Out    |                         |
|                                       |            | % Effort     | PersonMonths           | % Effort      | PersonMonths           | % Effort     | PersonMonths           | % Effort     | PersonMonths                 |
| Dorsey, Ray                                | Co Investigator | 30%     | 3.60    | 30%      | 3.60    | 30%     | 3.60    | 30%     | 3.60     |
| TBD                                        | Research Asst   | 10%     | 1.20    | 10%      | 1.20    | 10%     | 1.20    | 30%     | 3.60     |
| TBD                                        | Asst Professor  | 15%     | 1.80    | 15%      | 1.80    | 15%     | 1.80    | 15%     | 1.80     |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
| Total Employment Costs                     |            | 66,398  |                   | 107,894  |                   | 70,341  |                   | 61,008  |                         |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
| Facilities and Administrative Costs to JHU | 23,239     |         | 37,763            |          | 24,620            |         | 21,353            |         |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
|                                       |            |         |                   |          |                   |         |                   |         |                         |
| JHU Total Cost                             |            | 89,637  |                   | 145,656  |                   | 94,961  |                   | 82,361  |                         |

----

|                           |   |   |     |     |   |       |   |   |   |      |   |   |   |   |
|--------------------------------|--------|--------|----------|----------|--------|------------|--------|--------|--------|-----------|--------|--------|--------|--------|
| BIOSTATS                       |   |   |     | Planning |   | Enrollment |   | LPI    |   | Close Out |   |
| Employment Costs               |   |   |   - |     |   | -          |   |   | -      |      |   | -      |   |
| Consultant POs                 |   |   | -        |     |   | -          |   |   | -      |      |   | -      |   |
| Computing Costs                |   |   | -        |     |   | -          |   |   | -      |      |   | -      |   |
| Equipment Purchases            |   |   | -        |     |   | -          |   |   | -      |      |   | -      |   |
| Travel Costs                   |   |   | -        |     |   | -          |   |   | -      |      |   | -      |   |
| Operating Costs (T, P/C, P, O) |   |   | -        |     |   | -          |   |   | -      |      |   | -      |   |
| Other Costs                    |   |   | 20,000   |     |   | 40,000     |   |   | 70,000 |      |   | 30,000 |   |
| Other Costs                    |   |   |     |     |   |       |   |   |   |      |   |   |   |
| Other Costs                    |   |   |     |     |   |       |   |   |   |      |   |   |   |
|                           |   |   |     |     |   |       |   |   |   |      |   |   |   |
| Total Direct Costs             |   |   | 20,000   |     |   | 40,000     |   |   | 70,000 |      |   | 30,000 |   |

----

|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| One Time Start up Fee        |                                                                                                                                                               |   | $      | 3,500  |   |   |   |   |   |   |   |   |   |   |
|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ophthalmologic Visit Costs:  | Exam                                                                                                                                                               |   | $      | 460    |   |   |   |   | $      | 180    |   | $      | 180    |   |
|                         | Color Vision                                                                                                                                                       |   | $      | 186    |   |   |   |   | $      | 186    |   | $      | 186    |   |
|                         | OCT                                                                                                                                                                |   | $      | 364    |   |   |   |   | $      | 364    |   | $      | 354    |   |
|                         | Confrontation VF                                                                                                                                                   |   | $      | 140    |   |   |   |   |   |   |   | $      | 140    |   |
|                         | Ophthalmoscopy                                                                                                                                                     |   | $      | 70     |   |   |   |   | $      | 70     |   | $      | 70     |   |
|                         | Fundus Photos                                                                                                                                                      |   | $      | 165    |   |   |   |   |   |   |   | $      | 165    |   |
|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         |                                                                                                                                                               |   | $      | 1,385  |   | $      | -      |   | $      | 800    |   | $      | 1,105  |   |
|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Visually Evoked Response**** | The VER will occur forapproximately 50% of the subjects enrolled; will be paid for as occurring at $425 per VER includes the assessment and reading                |   | $      | 425    |   |
|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         | Total PerSubject Fee for Subjects not receiving the Visual Evoked Response Assessment Per Subject Fee composed of Screening Visit thru Week 28 followUp Visit |   | $      | 20,129 |   |
|                         |                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         | Total Per Subject Fee for Subjects receiving the Visual Evoked Response Assessment                                                                                 |   | $      | 21,404 |   |

| SNAP Assessment | Cost to be determined |   |
|-----------------|-----------------------|--------|

|   |   |            |      |                        |                             |             |                |             |                            |   |   |     |   |   |   |   |
|--------|--------|-----------------|-----------|-----------------------------|----------------------------------|------------------|---------------------|------------------|---------------------------------|--------|--------|----------|--------|--------|--------|--------|
|   |   | Budget Details: |      |    Planning Phase |                             | Enrollment Phase |                |   LPI Phase |                            |   |   |
|   |   |            | 100       |                        | 01 October 2011 to 31 March 2012 |             | 31 March 2012 to 31 |             | 01 January 2013 to 30 June 2013 |   |   |     |   |
|   |   | $               | 20,129    |                        |                             | 6 months         |                |             | 9 months                        |   |   | 6 months |   |   |   |   |
|   |   | $               | 2,012,850 |                        |                             |             |                |             |                            |   |   |     |   |   |   |   |
|   |   |            |      |                        |                             |             |                |             |                            |   |   |     |   |   |   |   |
|   |   |            | 0         | %                           |                             | 0                |                |             |                            |   |   |     |   |   |   |   |
|   |   |            | 50        | %                           |                             |             |                | $                | 1,006,425                       |   |   |     |   |   |   |   |
|   |   |            | 40        | %                           |                             |             |                |             |                            |   | $      | 805,140  |   |   |   |   |
|   |   |            | 10        | %                           |                             |             |                |             |                            |   |   |     |   |   | 201285 |   |
|   |   |            |      |                        |                             |             |                |             |                            |   |   |     |   |   |   |   |

----

|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|-----------|-----------|---------------------|------------------------|
|   | PROJECT TITLE:                                                                                                                                                                                                                                                                                                                             |                                                                                                                | Reach2HD                                                                                                                   |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   | Protocol Title:                                                                                                                                                                                                                                                                                                                            |                                                                                                                | PBT2-203 Randomized, Double Blind, Placebo Controlled, Parallel Group, Multi-Center, Phase lia Study of two doses of PBT2. |                                                                                           |      |      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   | Principal Investigator:                                                                                                                                                                                                                                                                                                                    |                                                                                                                | Kayson, UR                                                                                                                 |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Prime Institution: UR                                                                                                      |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Subcontract to JHU, Dorsey                                                                                                 |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Subcontracts to 20 Sites                                                                                                   |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   | Timeline:                                                                                                                                                                                                                                                                                                                                  | Planning:                                                                                                           | 6 Months                                                                                                                   |            01 October 2011 to 31 March 2012  |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Enrollment:                                                                                                         | 9 Months                                                                                                                   |            31 March 2012 to 31 December 2012 |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Implementations:                                                                                          | 6 Months                                                                                                                   |            01 January 2013 to 30 June 2013   |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Close Out:                                                                                                          | 4 Months                                                                                                                   |            01 July 2013 to 31 October 2013   |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   | # of Sites                                                                                                                                                                                                                                                                                                                                 |                                                                                                                | 20                                                                                                                         |            Approx 15 USA; Approx 5 Aust |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |
|   | # of Subjects                                                                                                                                                                                                                                                                                                                              |                                                                                                                | 100 Randomized                                                                                                             |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Total Budget                                                                                                        |                                                                                                                       |                                                                                           |      | 4,814,181 |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Less: Budget associated with Site Subcontract Payments                                                              | (2,154,100)                                                                                                                |                                                                                           |      |
|   |                                                                                                                                                                                                                                                                                                                                       | and associated indirect costs                                                                                       | (175,000)                                                                                                                  |                                                                                           |      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | Budget Subject to Milestone Payment Scheme                                                                          | 2,485,081                                                                                                                  |                                                                                           |      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       | Payment Scheme:                                                                                                     |                                                                                                                       |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                | Billed and Rec’d |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       | The amount due to the University of Roachester will be invoiced according to the following Milestone driven scheme: |                                                                                                                       |                                                                                           |      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Completion of Fully Executed Contract                                                                                      | 10%                                                                                            | 248,508   |      | 390,445   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | IND for Protocol opened                                                                                                    | 10%                                                                                            | 248,508   |      | 390,445   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Receipt of initial IRB approval of protocol                                                                                | 5%                                                                                             | 124,254   |      | -         |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Initial Enrollment                                                                                                         | 10%                                                                                            | 248,508   |      | 90,913    |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Subtotal of cashflow through initial enrollment                                                |      | 869,778   |                | 871,803      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Quarterly Payment During Enrollment and Implementation Phases                                                              |                                                                                           |      |      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Month 3 of Enrollment                                                                          | 9%        | 223,657   |                | 221,633      |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Month 6 of Enrollment                                                                          | 9%        | 223,657   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Month 9 of Enrollment                                                                          | 9%        | 223,657   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Month 3 of Implementation                                                                      | 9%        | 223,657   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Month 6 of Implementation                                                                      | 9%        | 223,657   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Subtotal of cashflow thru Implementation                                                       |      | 1,118,286 |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Payment upon completion of Subject Enrollment                                                                              |                                                                                           |      |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Database Lock                                                                                  | 10%       | 248,508   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Top Line Results                                                                               | 5%        | 124,254   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | CSR                                                                                            | 5%        | 124,254   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       | Subtotal of final payments                                                                     |      | 497,016   |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                | Total of all payments not subject to subcontract                                                                           |                                                                                           | 2,485,081 |      |                |
|   |                                                                                                                                                                                                                                                                                                                                       |                                                                                                                |                                                                                                                       |                                                                                           |      |      |                |                   |
|   | Site Payment Scheme:Invoices will be forwarded to sponsor on a calendar quarter for basis for costs incurred in paying sites for completed visits.Not more than $2,329,100 will be invoiced to sponsor, invoices will only include the costs of fully completed and documented visits.The following is an estimate of the invoice amounts: |                                                                                                                |                                                                                                                       |

|   |                             |   |   |      |   |
|--------|----------------------------------|--------|--------|-----------|--------|
|   | Quarter ended June 30, 2012      |   | $      | 116,455   |   |
|   | Quarter Ended September 30, 2012 |   | $      | 582,275   |   |
|   | Quarter Ended December 31, 2012  |   | $      | 465,820   |   |
|   | Quarter Ended January 31, 2013   |   | $      | 465,820   |   |
|   | Quarter Ended March 31, 2013     |   | $      | 349,365   |   |
|   | Quarter Ended June 30, 2013      |   | $      | 349,365   |   |
|   |                             |   |   |      |   |
|   | Total                            |   | $      | 2,329,100 |   |
|   |                             |   |   |      |   |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | NOTE: If the FDA delays the implementation of the study according to the agreed timeline, the parties have the right to re-negotiate the milestones according to a agreed, revised timeline. (a) Should the above timeline for planning, Enrollment Implementation and/or Close out exceed the budgeted period for reasons outside the control of the Clinical Trials Coordination Center (CTCC), the CTCC will request that the Scope of Work be revisited and the budget be revised (if necessary) to allow for an expanded Planning, Enrollment, Implementation and/or Close out timeframe and associated additional costs. In good faith, Prana will decide if  the proposed budget or timeframe changes can be accommodated by Prana. In any event, the CTCC will not be under an obligation to continue the study without the required additional funds to cover an extended budget period and Prana will not obliged to continue the Study outside the budgeted period. (b) If the above timeline for Planning, Enrolment, Implementation and Close out exceed the budgeted period for reasons within the control of the Clinical Trials Coordination Center (CTCC), Prana may withhold payments and/or require the CTCC to undertake activities to restore as far as possible the Study to the Initial Timeline at CTCC’s cost. If a delay in recruitment timeline is for reason of particular obligations on patients as prescribed by the Protocol, and the impact of those Protocol obligations cannot otherwise be resolved by the parties Project Team, the delay will not be deemed an event within the control of the CTCC. (c) If the above timeline for Planning, Enrollment, Implementation and Close Out is less than the budgeted period, the Scope of Work will be revisited by the parties and the budget be revised (if necessary) to adjust for the reduced timeframe and additional costs. For each month of reduced timeline of the Study, Prana will pay a pro-rata amount of the above Quarterly Payments to the CTCC as a bonus for earlier Study completion.  |   |

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|   |                              |   |     |                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |                        |   |      |   |   |   |   |   |                     |                                                               |   |   |   |   |    |   |   |
|--------|-----------------------------------|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|-----------------------------|--------|-----------|--------|--------|--------|--------|--------|--------------------------|--------------------------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|
|   | Analysis of monitoring Activities |   |     |                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |                        |   |      |   |   |   |   |   |
|   | Budget Components                 |   | Planning |                                                                                                                                                                                                                                                                                           |   |   | Enrollment |   |   |   | Implementation LP1 Duration |   | Close out |   | Total  |   |
|   |                              |   |     |                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |                        |   |      |   |   |   |   |   |                     |                                                               |   |   |   |   |    |   |
|   | Effort                            |   |     | Site Monitor Employee                                                                                                                                                                                                                                                                          |   |   | 0          | %      |   | -      |                        |   | 80        | %      |   |   |   |   | 80%                      |             |   | 0      | %      |   |    |   |
|   | Fees                              |   |     | Independent Monitor/Contractor Fees                                                                                                                                                                                                                                                            |   |   |       |   |   |   |                        | $      | 43,200    |   |   |   |   | $      | 21,600    |                                                               |   |   |   | $      | 64,800  |   |
|   | Travel                            |   |     | Site Monitor Travel Costs                                                                                                                                                                                                                                                                      |   |   |       |   |   |   |                        | $      | 100,800   |   |   |   |   | $      | 36,000    |                                                               | $      | 7,200  |   | $      | 144,000 |   |
|   | TOTAL                             |   |     |                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |                        | $      | 144,000   |   |   |   |   | $      | 57,600    |                                                               | $      | 7,200  |   | $      | 208,800 |   |
|   |                              |   |     |                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |                        |   |      |   |   |   |   |   |                     |                                                               |   |   |   |   |    |   |
|   |                              |   |     | Based upon the budgeted effort, independent contractor costs and the associated travel costs, a total of 120 to 123 site monitor visits are budgeted. The details of these visits is set out below. Approximately 120 visits will provide 8 visits per site over the enrollment and LPI phase. |   |   |       |   |   |   |                        |   |      |   |   |   |   |   |                     |                                                               |   |   |

|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |   |   |   |     |   |
|-----------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------------|----------------------------------|--------------------------|--------|--------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|-------------------------|--------|--------|--------|----------|--------|
|            |   |                                                                                                                                                                                                                                                                                                                   |    | Planning phase6 months |                             | Enrollment Phase9 months |   | LPI Phase6 months                                                                          |                                                                                 | Close Out Phase4 months |   |
| Effort Analysis |   | Monitor Effort----------->                                                                                                                                                                                                                                                                                          |    |                   | 0                                | %                        |   | 80                                                                                         | %                                                                                    |                    | 80     | %      |   | 0        | %      |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |   |   |   |     |   |
|            |   | Independent Contractor Hourly Fees ---->                                                                                                                                                                                                                                                                            |    | $                      | -                                |                     | $      | 43,200                                                                                     |                                                                                 | $                       | 21,600 |   | $      |   - |   |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |   |   |   |     |   |
|            |   | Effort                                                                                                                                                                                                                                                                                                                 |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |   |   |   |     |   |
|            |   | 80% of one FTE indicates 32 hours per work week for a total of 2080 hours over the 15 month implementation period.                                                                                                                                                                                                     |    |
|            |   | 2080 total available hours divided by 24 hours per monitor trip yields 87 site visits.                                                                                                                                                                                                                                 |    |
|            |   | Therefore, in the 15 months there are enough hours budgeted for approximately 87 visits to sites.                                                                                                                                                                                                                      |    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |
|            |   | Independent Contractor                                                                                                                                                                                                                                                                                                 |    |
|            |   | A total of 9 visits to four sites are budgeted to be handled by up to three independent contractors. In aggregate, 36 visits are budgeted with each visit planned to be 24 hours at a rate of $75 per hour.   The computation is 36 visits multiplied by 24 hours per visit multiplied by $75 per hour. |    |
|            |   | 36 visits x 24 hours per visit x $75 per hour results in $64,800.                                                                                                                                                                                                                                                 |    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |
|            |   | In total approximately 123 site monitor visits are budgeted over the 15 month enrollment and LPI phase. This represents between approximately 8 visits per site. 120 Visits divided by 15 sites equals 8.0 visits per site. Over the fifteen month period, sites will be visited more then once every two months. |    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       | A total of $144,000 is budgeted for travel to sites for monitoring visits.           |                    |
| Travel Analysis |   | Budgeted Dollars For Travel                                                                                                                                                                                                                                                                                            |    |                   |                             |                     |   | A total of 8 visits for each of the 15 US based sites is budgeted = 120 total site visits. |                                                                                 |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       | A total of $1,200 is budgeted for each trip:                                         |                    |
|            |   | $                                                                                                                                                                                                                                                                                                                      | 100,800 |                   | paid during enrollment           |                     |   |                                                                                       | Trip Costs are calculated as follows: $650 for airfare, $300 for two nights lodging, |                    |
|            |   | $                                                                                                                                                                                                                                                                                                                      | 36,000  |                   | paid during LPI duration         |                     |   |                                                                                       | $150 for meals and $100 for all other out of pocket costs.                           |                    |
|            |   | $                                                                                                                                                                                                                                                                                                                      | 7,200   |                   | paid during close out            |                     |   |                                                                                       | $1,200 x 120 visits = $144,000                                                       |                    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |
|            |   | $                                                                                                                                                                                                                                                                                                                      | 144,000 |                   | Total Site Monitor Travel Budget |                     |   |                                                                                       |                                                                                 |                    |
|            |   |                                                                                                                                                                                                                                                                                                                   |    |                   |                             |                     |   |                                                                                       |                                                                                 |                    |

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