Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 84

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 84
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 payments on the Bank Loan. |

When the Bank Loan was first recognized,
the Company measured the fair value of the benefit it had received from Prof. Revel in his capacity as an interested party in the Company
and credited it to the interested party transaction capital reserve, less the tax effect. The discount rate was determined according to
the CAPM (capital asset pricing model) and the WACC (weighted average cost of capital) as of the reporting date, and was determined by
the Company at a rate of approximately 21%, based on the following assumptions:

| Rate of return     |     |   21 | % |
| Variance           |     | 1.02 |   |
| Risk-free interest |     |  4.1 | % |

<div align='center'>F-17</div>

Since December 31, 2020, the loan has
been renewed annually for an additional year, such that as of December 31, 2024, the repayment date is December 31, 2025.

As of December 31, 2024, due to the change
in interest rates in the economy, the interest rate on the Bank Loan is 7.75%.

The Bank Loan is presented at fair value
as of December 31, 2024, in the amount of USD $293 thousand.

Due to updates to the aforementioned
loan terms, in 2024, 2023, and 2022, the Company credited a benefit to the interested party transactions capital reserve, totaling USD
$28, $53, and47$ thousand net, respectively.

| Loan receipt 
 date         |     | Name               
 of the             
 lender             |     | Repayment     
 date          
 according     
 to the        
 original loan 
 agreement     
 terms         |     | Loan      
 amount    |       |     |  Loan 
 terms |     | Loan       
 amount     
 converted  
 into share 
 capital    |     |     | Number of      
 shares (p.v.   
 NIS 0.1)       
 issued for the 
 conversion of  
 the loan       |         |     | Date of       
 conversion to 
 equity        |            |     | Outstanding   
 loan balances 
 as of the     
 reporting     
 date          
 (nominal)     |       |     | Outstanding    
 loan balances  
 as of the      
 reporting date 
 (fair value)   |     |     | Comments     |
|              |     |                    |     |               |     | USD in    
 thousands |