Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 557

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 557
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 & Radio with numerous economic studies and industry forecasts. • El Al.Provided El Al with valuations of two optional suppliers, which offered El Al an equity shares as a benefit for selecting them as a supplier. • The Israel Land Development Company.Provided the Israel Land Development Company, one of the leading public companies in Israel, with numerous valuation studies of the company’s major holdings. • Given imaging.Various PPA and Impairment studies of Given Imaging SBUs (A global, leader in patient -friendlysolutions for visualizing, detecting, and monitoring GI disorders). • Kanit Hashalom.Numerous valuations of subsidiaries such as Tambour, Sonol, Supergas and GES. Yours faithfully,
Moore Financial Consulting Ltd.

| Moore Financial Consulting |

Annex E-5

Table of Contents

|                          |     | Annex E 
 Page    |
| The Company              |     | E-7     |
| The Market               |     | E-14    |
| Methodology              |     | E-19    |
| Valuation                |     | E-21    |
| Appendix — Discount Rate |     | E-29    |
| Appendix — Peer group    |     | E-31    |

| Moore Financial Consulting |

Annex E-6

The Company The company was founded in Israel on October 6, 2008, as a private company under the Israeli Companies Law and commenced its business operations on August 27, 2009. Starting from June 2013, the company’s securities have been traded on the Tel Aviv Stock Exchange Ltd., transforming the company into a public company as defined by the Israeli Companies Law. The company was founded by Professor Michel Revel, Professor Emeritus at the Weizmann Institute of Science and recipient of the Israel Prize for Medicine, renowned for his research on interferon, which led to the development of the drug Rebif for the treatment of multiple sclerosis. Rebif was sold to Serono Merck in 2006 and has generated annual sales of approximately one billion dollars since then. The company’s field of activity is the development of cell therapy in regenerative medicine. Regenerative medicine is an innovative field of medical research focused on the regeneration of damaged tissues or organs, whether due to disease, injury, or congenital defects, through (1) Creating new cells, tissue parts, or organs in laboratory conditions, or using cells, organs, or tissue parts from donors and implanting them in the patient to replace damaged cells or tissues; or