Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 757

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 757
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 plead its defense in any proceeding and we will not settle without its prior written consent. It is agreed that the Client will pay the amounts mentioned in this paragraph only if they exceed our professional services fees, and after deducting our fees. Study performer: Tzach Kasuto, M.Sc. Tzach is a partner at Moore Financial Consulting LTD. He has about 20 years of experience in consulting 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. • 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-34

Table of Contents

|                 |     | Annex E 
 Page    |
| The Company     |     | E-36    |
| The Transaction |     | E-42    |
| Methodology     |     | E-43    |
| Valuation       |     | E-45    |

| Moore Financial Consulting |

Annex E-35

The Company NLS Pharmaceutics AG (“NLS”, “Company”) was incorporated in 2015 and is based in Zurich, Switzerland. The Company focuses on the development of treatments for narcolepsy, idiopathic hypersomnia, and other rare sleep disorders, as well as neurodevelopmental disorders, such as attention deficit hyper