Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 87

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 87
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 in 2023.

| C. | Management’s goals and policies regarding financial risk management |

The Company’s main financial liabilities
consist of loans. These financial liabilities are mainly intended to finance the Company’s operations and provide guarantees that
support its operations. The Company’s main assets are comprised of receivables and cash derives directly from its operations.

The Company is exposed to market risk,
interest rate risk, foreign currency risk, and liquidity risk. The Company’s senior management oversees the management of these
risks.

| 1. | Market risk |

Market risk is the risk that the fair
value or future cash flows from a financial instrument will change because of changes in market prices. Market risks include three types
of risk: interest rate risk, currency risk, and other price risks, such as stock price risk and commodity price risk. Financial instruments
that are affected by the market risk include, among others, loans and borrowings and deposits.

<div align='center'>F-20</div>

| 2. | Interest risk |

The interest risk is the risk that future
fair value or cash flows from a financial instrument will change because of changes in the market interest rate.

| 3. | Foreign currency risk |

The Company is exposed to an exchange
rate risk arising from exposure to various currencies, mainly the US dollar and the euro. The exchange rate risk arises from recognized
liabilities that are denominated in a foreign currency that is not the functional currency.

| 4. | Foreign currency sensitivity analysis: |

The table below demonstrates the sensitivity
test to a reasonably possible change in dollar exchange rates, while all other variables remain unchanged. The impact on the Company’s
pre-tax loss is due to the changes in the fair value of assets and liabilities.

|                                                         |     |      December 31 |      |   |     |      |     |   |
|                                                         |     |             2024 |      |   |     | 2023 |     |   |
|                                                         |     | USD in thousands |      |   |     |      |     |   |
| Sensitivity test to changes in the dollar exchange rate |     |                  |      |   |     |      |     |   |
| Profit (loss) from the change, before tax:              |     |                  |      |   |     |      |     |   |
| A 5% exchange rate increase                             |     |                  | (325 | ) |     |      |  13 |