VBI Vaccines Inc. – List of Subsidiaries

Name of Subsidiary	Country of Incorporation	Ownership Interest (direct or indirect)
VBI Vaccines (Delaware) Inc.	Delaware (U.S.A)		100	%
SciVac Ltd.	Rehovot (Israel)		100	%
SciVac USA, LLC	Florida (U.S.A.)		100	%
VBI Biotechnologies (US), Inc.	Delaware (U.S.A)		100	%
Variation Biotechnologies Inc.	Ottawa, Ontario (Canada)		100	%