Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant

On November 30, 2012, two wholly owned subsidiaries of Generex Biotechnology Corporation received mortgage loans in the aggregate amount of CDN $855,000 [US $863,000] from Frontenac Mortgage Investment Corporation. The loans were secured by real estate owned by the subsidiaries in Ontario. Generex is a guarantor of the loans.

After repayment of prior mortgage financing on the properties and deduction of expenses, the subsidiaries received net proceeds of approximately CDN $614,000
[US $620,000].

Interest on the loans is payable monthly at the rate of 9.75% per annum. The principal amount is due and payable one year after the closing of the loans.

Forward-Looking Statements

Statements in this report may contain certain forward-looking statements. All statements included concerning activities, events or developments that Generex expects, believes or anticipates will or may occur in the future are forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by forward-looking statements. Known risks and uncertainties also include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act. Additional information on these and other risks, uncertainties and factors is included in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with the SEC.