Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 97

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 97
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 component, which will be presented
at amortized cost and at a discount rate of 370%.

<div align='center'>F-27</div>

In accordance with the above, the breakdown
of the components of the convertible loan agreement as of the completion date is as follows:

|                                                                                   |     | Fair value |       |
|                                                                                   |     | USD in     
 thousands  |       |
| Consideration attributed to the Loan, at amortized cost - host contract           |     |            |   293 |
| Consideration attributed to the conversion component and the financial derivative |     |            | 1,406 |
| Total consideration less the issuance expenses                                    |     |            | 1,699 |

The fair value estimate of the financial
derivative component as of the completion date, as of December 31, 2023, and December 31, 2024 was calculated as part of a valuation that
was carried out using the Monte Carlo model and a binomial model. The parameters used in the calculation of the fair value according to
the aforementioned models are:

|                                           |     |     | December 31 
        2023 |   |     |     | Completion 
       date |   |     |     | December 31 
        2024 |   |
|:------------------------------------------|:----|:----|------------:|:--|:----|:----|-----------:|:--|:----|:----|------------:|:--|
| Share price                               |     |     |        59.3 |   |     |     |       60.4 |   |     |     |       12.82 |   |
| Volatility - conversion component of loan |     |     |          55 | % |     |     |         55 | % |     |     |         106 | % |
| Volatility - warrants                     |     |     |          73 | % |     |     |         73 | % |     |     |          78 | % |
| Risk-free interest - conversion component |     |     |         3.8 | % |     |     |       3.85 |   |     |     |         4.2 | % |
| Risk-free interest - warrants             |     |     |         3.6 | % |     |     |        3.6 | % |     |     |         4.2 | %