Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 681

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 681
---
 and management, including extensive experience in business, strategic and economic consulting. Tzach holds a bachelor’s degree in economics and an MBA from Tel Aviv University. Areas of expertise: Company valuation, fairness opinions, common share valuation, purchase price allocations, employee stock option valuation, expert opinions, Feasibility Studies, and Pricing Analysis. Recent projects include: • Fattal Hotels.Provided Fattal Hotels, a major European hotel & leisure company, with numerous financial expert opinions, including a valuation and financial model requested by the underwriters, in connection with Fattal’s IPO. • The Second Authority for Television & Radio.Provided the Israeli Second Authority for Television & 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