Gencell Ltd.

Earnings Release • Mar 6, 2023

GenCell will recognize decrease in valuation in an approximate amount of USD 14-15 million false

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GENCELL LTD
Corporation no: 514579887	13072
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	06/03/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-024663	Time of broadcast: 20:16 19:49:31

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English language report to Israeli corporateThis form is for reports that has been translated to English (convenience translation) and should be published alongside with the report in Hebrew in accordance with the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970.

References of previous reports relating to this matter:   _________   _________   _________

The Company requests to announce that as part of its preparation for the approval and publication of its financial statements for December 31, 2022 ("Financial Statements for 2022"), according to the International Financial Reporting Standard 36, the Company will be forced to present a decrease in the value of asset, in its Financial Statements for 2022, as a result of the fact that the Company's market value on the stock exchange is significantly lower than the Company's equity. This decrease in value is estimated in an approximate amount of USD 14-15 million and it shall be reflected solely in the Company's P&L report (without influencing the Company cash flow). Please note that the above information is forward-looking information within the meaning of the securities law, 1968, refers to the information that exists and known to the Company as of the date of this immediate report, and is based on the data that was compiled by the Company as part of the process of preparing the financial statements for the year 2022, which has not yet been completed in all of its examinations and procedures by the company and audited by the Company's auditors. Therefore, this information may undergo substantial changes. This English version has been translated only for the purpose of convenience. It is not an official translation and has no binding force. While reasonable care and skill have been exercised in the preparation hereof, no translation can ever exactly mirror the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

Attached hereto is a report on	GenCell will recognize decrease in valuation in an approximate amount of USD 14-15 million

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	Reference to parallel Hebrew report:	2023-01-024651
	This report was not reported in Hebrew.

Details of the authorized signatories to sign on behalf of the corporation:

	Name of the signer	Corporate Role
1	Yossi Salomon	CFO _________

Note: According to Rule 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these Regulations will be signed by the authorized persons to sign on behalf of the corporation. For the ISA staff notice Click here .2 2

References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
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Stock Exchange/Market: �'���	Date of revision of form structure: 21/02/2023
Address: ������ 7 , ��� ����� 4951025   , Tel: 03-7261616 , Fax: 03-7261617
E-mail address: info@gencellenergy.com   Company site: www.gencellenergy.com
Previous names of reporting entity:
Name of the Signatory: ����� ���� Position of Signatory in the reporting corporation: Name of Employer Company:
Address: ������ 7 , ��� ����� 4951025 Telephone: 03-7261616 Facsimile: 03-7261617 E-mail: yossis@gencellenergy.com 1