Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 714

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 714
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 will be obtained without any adverse effect on the Companies or on the contemplated benefits of the Transaction. Our opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It should be understood that subsequent developments may affect this opinion and that we do not have any obligation to update, revise, or reaffirm this opinion. Our opinion is limited to the fairness, from a financial point of view, of the exchange ratio in the proposed transaction. On the basis of and subject to the foregoing, it is our opinion as of the date hereof that the exchange ratio in the proposed transaction is fair, from a financial point of view.

| Moore Financial Consulting |

Annex E-1

This opinion does not constitute a recommendation to any shareholder of the Company as to how such shareholder should vote with respect to the transaction or any other matter. This opinion may not be disclosed, referred to, or communicated (in whole or in part) to any third party for any purpose whatsoever except with our prior written approval. This opinion may be reproduced in full in any proxy statement mailed to shareholders of the Company but may not otherwise be disclosed publicly in any manner without our prior written approval. /s/ Moore Financial Consulting

| Moore Financial Consulting |

Annex E-2

Dear Sir, Upon your request, Moore Financial Consulting Ltd. (hereinafter: “MFC”), performed a valuation of Kadimastem Ltd. (“Kadimastem”, “the Company”) as of December 19, 2024. Our study was performed based on the following: •Kadimastem’s financial reports as of 31.12.2023 and proforma report as of 30.06.2024 •Kadimastem’s corporate presentation as of May 2024 •Public information This report was prepared based on information provided to us and from discussions held with the Company’s management. We did not verify the accuracy, reliability or completeness of the information provided and the procedures we used while performing the valuation do not constitute an audit or review made under any generally accepted auditing standards. Our professional fees for this study were not subject to the results of this report. Indemnification It has been agreed by us, and Kadimastem, that except for our willful misconduct, negligence or malice, we will not bear any responsibility vis -à-visthe Client or any third party, from any source and based on any cause, including tort